Fuel prices in Tripura surged on May 15 alongwith other parts of the country after petrol rates were increased by ₹3.04 per litre and diesel price by ₹2.51. The hike came amid rising global crude oil prices linked to West Asia tensions. Long queues were reported at petrol pumps across the state as consumers rushed to refuel.
Quick Glance
- Petrol price in Tripura rose to ₹100.54 per litre, while diesel reached ₹89.46.
- Long queues were witnessed at fuel stations across Agartala and other districts.
- Centre said oil companies are absorbing nearly ₹1,000 crore losses daily.
- Rising crude oil prices have been linked to the ongoing US-Iran conflict and Strait of Hormuz disruptions.
Tripura Fuel Price Hike Sparks Concern Amid Global Oil Shock
Agartala/New Delhi: Fuel prices in Tripura increased sharply on Thursday after fresh revisions in petrol and diesel rates were implemented across the country. The latest hike pushed petrol prices beyond the ₹100 mark in the state, triggering concern among consumers and transport operators.
Petrol prices were raised by ₹3.04 per litre, while diesel prices increased by ₹2.51 per litre. Following the revision, petrol is now retailing at ₹100.54 per litre and diesel at ₹89.46 per litre in Tripura.
The revised rates came into effect immediately. Consequently, long queues were seen outside petrol pumps in Agartala and several other locations across the state as vehicle owners rushed to refill their tanks.
The increase has arrived at a time when international crude oil prices have crossed $100 per barrel due to escalating tensions in West Asia. Officials in New Delhi stated that the price adjustment remains “marginal” when compared to the actual losses being absorbed by public sector oil companies.
Government Says Consumers Are Being Protected
Senior officials said the Centre and public sector oil marketing companies are currently absorbing losses of nearly ₹1,000 crore every day. The move has reportedly been aimed at protecting Indian consumers from the full impact of rising international crude oil prices.
According to government sources, petrol under-recoveries are estimated at nearly ₹26 per litre. Diesel under-recoveries, meanwhile, have reportedly climbed to around ₹82 per litre.
Officials stated that the recent ₹3 increase covers only a small portion of the financial burden being faced by state-owned oil companies such as Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum.
Fuel Price Hike Raises Inflation Concerns
Economists and officials have warned that a major increase in fuel prices could trigger inflationary pressure across sectors. Transportation costs are expected to rise. Food prices may also increase in the coming weeks if fuel rates continue to climb.
Household budgets are likely to come under pressure as fuel expenses impact daily commuting and logistics costs. Officials acknowledged that domestic demand remains sensitive and that sudden price shocks could hurt consumption.
The Centre has also continued to shield the agriculture sector from global price volatility. Sources said nearly ₹2.25 lakh crore is already being spent on fertiliser subsidies to protect farmers from rising input costs.
Global Geopolitical Tensions Behind Oil Surge
Officials attributed the current crude oil spike to the intensifying US-Iran conflict and disruptions in the Strait of Hormuz. The route is considered one of the world’s most critical energy corridors, with nearly 20 per cent of global energy exports passing through it during normal periods.
Government sources admitted that India has little control over these geopolitical developments. However, efforts are reportedly being made to prevent the entire burden from being shifted to consumers.
Sources described the situation as a “massive twin drain” due to rising imports of crude oil and gold. India’s annual crude oil import bill is currently estimated at ₹12-15 lakh crore.
Officials further stated that every $10 rise in crude oil prices adds nearly $13-14 billion to India’s import burden.
India’s Economic Position Stronger Than Past Crisis
Despite the global uncertainty, officials maintained that India’s macroeconomic condition remains stronger than during the 2012-13 economic crisis.
The current account deficit is currently below 1.5 per cent of GDP. During the earlier crisis period, it had nearly touched 5 per cent. Inflation levels have also remained relatively controlled despite global market volatility.
Sources added that Prime Minister Narendra Modi has consistently advocated lower fuel consumption and reduced dependence on imported energy.
Oil Supply Remains Stable
Officials from Indian Oil Corporation confirmed that refineries across the country are functioning round the clock at maximum capacity to ensure uninterrupted fuel supply.
They also stated that India currently has crude oil reserves sufficient for nearly 60 days. Therefore, no immediate disruption in fuel production or supply is expected.
Fuel Price Snapshot
| Fuel Type | Previous Increase | Current Price in Tripura |
|---|---|---|
| Petrol | ₹3.04 per litre | ₹100.54 per litre |
| Diesel | ₹2.51 per litre | ₹89.46 per litre |
People Also Ask (FAQ)
Why have fuel prices increased in Tripura?
Fuel prices increased due to rising international crude oil prices linked to geopolitical tensions in West Asia, particularly the US-Iran conflict and disruptions in the Strait of Hormuz.
What is the current petrol price in Tripura?
Petrol is currently priced at ₹100.54 per litre in Tripura after the latest revision.
How is the government handling rising crude oil prices?
The Centre and public sector oil companies are reportedly absorbing nearly ₹1,000 crore in losses daily to prevent a steeper increase in retail fuel prices. (With IANS INPUT)