Uber India, an app-based cab aggregator, has announced a 12% increase in prices in Delhi-NCR. In view of growing fuel prices, the decision was made. The organization had already increased travel costs in Mumbai by 15%.
“To help cushion drivers from the impact, Uber has raised trip fares in Delhi-NCR by 12%. We will continue to monitor gasoline price trends in the coming weeks and take additional initiatives as needed “Uber India and South Asia’s head of central operations, Nitish Bhushan, said.
Uber later stated that the increase will be based on the trip’s base rate, regardless of travel time. According to the Times of India, the increase will not be tied to surge pricing.
CNG prices in the national capital have risen by Rs 12.48 per kilogram since March and now stand at Rs 69.11. The increase follows the government’s April 1 decision to more than double natural gas prices to $6.1 per million British thermal units.
Since the end of a four-and-a-half-month suspension in rate revision on March 22, there have been 14 price hikes in 18 days, bringing the total increase in rates in 16 days to $10 per litre. In Delhi, a litre of petrol costs Rs 105.41, while a litre of diesel costs Rs 96.6. One litre of petrol costs Rs 105.86 in Gurugram, while one litre of diesel costs Rs 97.10.
Crude oil prices fell again on Monday in the hopes of alleviating supply constraints after members of the International Energy Agency (IEA) agreed to release 120 million barrels of oil from their emergency reserves last week. On Monday, Brent futures dipped below $100 per barrel.
Except for 2018, when it abandoned the markets in Russia, China, and Southeast Asia in return for interests in rival businesses, Uber has lost hundreds of millions or billions of dollars every year since 2014.
Uber has been chastised, like other comparable companies, for treating its drivers as gig workers and independent contractors, disrupting taxicab operations, and increasing traffic congestion. The corporation has been chastised for a number of unethical actions as well as failing to follow local legislation.
Uber had 118 million monthly active users and generated an average of 19 million trips per day in the fourth quarter of 2021. Uber had a 71 percent market share in ride-sharing and a 27 percent market share in food delivery in the United States as of January 2022. Uber has become so well-known in the sharing economy that uberisation, or the commoditization of service sectors through the use of computing platforms, has been coined, and other entrepreneurs have dubbed their products “Uber for X.”