During the pandemic Covid'19, the wholesale and retail fuel prices remained low after India's nationwide lockdown between March and May 2020. Although the decline in wholesale fuel and power inflation began to slow down in November 2020, the inflation has grown steadily and reach a record of 44.37% in November 2021.
The Consumer Price Index (CPI) for Fuel and light has also risen steadily year on year since November 2020 and has given a positive YoY growth. It has the highest record of 14.35% in October 2021. CPI measures retail inflation by collecting data on the prices of goods and services consumed by the country's retail population. CPI means an increase in the price level of a basket of selected goods and services over a selected period of time.
The basket of crude oil that India buys has hit a decade high of USD 128 per barrel on 09th Mar 2022. The Indian basket on July 8 down to USD 106.87. As per the Ministry of Petroleum and Natural Gas, the Indian basket of crude oil averaged USD 114.05 per barrel between June 01 and July 08.
Fuel Price in Metro Cities:
Graphs show the list of products produced from petroleum in the last decade. High-Speed Diesel (HSD) is normally used as a fuel in medium and high-speed compression ignition engines (operating) above 750 rpm) in commercial vehicles, stationary diesel engines, locomotives, pumps, etc. Liquefied Petroleum Gas(LPG) is a fuel gas made of petrol that contains a flammable mixture of hydrocarbon gases. LPG commonly is used as fuel for gas barbecue grills and gas cooktops and ovens, gas fireplaces, and portable heaters. Motor Spirit is a volatile liquid used as a fuel in internal-combustion engines.