Mokokchung, March 22 (MTNews): Petrol and diesel prices in Mokokchung were on Tuesday at 6:00 AM hiked by over 80 paise a liter ending an over four-and-half month election-related hiatus in rate revision.
On Tuesday, at the Ongpangkong Petrol Pumpat Sungkomen Ward, Mokokchung, a liter of petrol rose to Rs. 100.28 while diesel rates increased to Rs. 86.71 per liter and Xtra Premium rates increased to 104.68 , reflecting an 83 paise, 82 paise and 85 paise raise in petrol, diesel and xtra premium respectively.
Increase in retail fuel prices has been recorded for the first time since November of 2021 which had remained unchanged across the country for the most prolonged duration since the daily revision of prices began in June 2017.
Fuel prices are speculated by experts to rise again as assembly elections have ended in Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur while the benchmark Brent crude oil prices have also risen sharply to nearly $120 per barrel on the escalation in the Russia-Ukraine conflict and have put pressure on state fuel companies to increase the retail prices.
India imports about 85 per cent of its oil needs, making it the world’s third-biggest oil importer and consumer. The country’s local petrol and diesel prices are linked to the international costs of the two fuels, which move proportionally to crude prices.
The government last week said it was keeping a close watch on evolving geopolitical developments and would make “calibrated interventions” to keep fuel prices under control “to safeguard the interest of the common man.”