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This is an archive article published on March 3, 2022

#Fuelprice trends on Twitter; memes flood online after international oil price hike

Netizens lamented over the hike in international oil prices and memes showing cars fainting and people switching to other transportation modes came up online.

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#Fuelprice, diesel, petrol price, memes on fuel price, Assembly elections, Russia-Ukraine war, indian expressMemes showing cars fainting and people switching to other transportation modes came up online.

Reports suggesting an increase in petrol and diesel prices by Rs 9 per litre after the Assembly elections in five states in India have left netizens worried and memes have flooded Twitter.

Amid Russia’s invasion of Ukraine, international oil prices have already escalated past $100 a barrel. Speculations on disruptions of oil and gas supplies from Russia triggered by the ongoing war with Ukraine or western sanctions have led to the rise in prices in the international market, a PTI report said. “With state elections getting over next week, we expect daily fuel price hikes to restart across both gasoline and diesel,” PTI quoted JP Morgan as saying in a report.

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Netizens lamented over the hike in international oil prices and memes showing cars fainting and people switching to other transportation modes came up online.

The PTI report citing the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry said that the basket of crude oil India buys soared above $102 per barrel on March 1. Meanwhile, the price was $81.5 per barrel during the freezing of petrol and diesel prices in early November last year.

Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are suffering the loss of Rs 5.7 per litre on petrol and diesel. In order to curb the losses, prices need to increase by Rs 9 per litre, the report added.

Russian gas supply to India accounts for only a small percentage. Last year, India’s oil import from Russia only accounted for 1 per cent of its imports while coal import also constituted 1.3 per cent of the country’s total imports.

However, skyrocketing international oil prices is a matter of concern for India. Since the commencement of election campaigns in five states, domestic fuel prices have not been revised for a record 118 days in a row, as per the PTI report.

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Petrol price in Delhi stands at Rs 95.41 per litre while diesel costs Rs 86.67 per litre. The final and seventh phase of voting in Uttar Pradesh is scheduled for March 7 and results will be declared on March 10.

 

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