As international crude oil prices remain high, state-run oil marketing companies (OMCs) hiked domestic fuel prices again on Friday. There is a second hike this week after a pause on Tuesday.
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There is a 25-paise rise in the price of petrol and a 30-paise increase in the price of diesel. OMCs have resumed increasing gasoline and diesel prices this month, which resulted in a fresh all-time high in fuel prices today.
The price per litre of petrol in Delhi is Rs 101.89, while those in Mumbai are almost Rs 108. Kolkata’s cost is Rs 102.47 per litre, while Chennai’s is Rs 99.58. There are now more cities in which petrol remains over 100 rupees per litre since the fresh round of hikes.
Oil companies have increased petrol and diesel prices as crude oil prices rose sharply recently. The price of crude oil has fallen for the past two days, but Goldman Sachs has suggested that it will cost $90 a barrel by the end of the year.
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India, one of the largest oil importers in the world, is alarmed by the development, as it will experience a sharp increase in petroleum products.
Experts have expressed concern over high energy prices that have already led to a price increase for many goods. Fuel costs affect the costs of manufacturing and delivering goods since they directly impact input costs.
As fuel prices remain high, inflation will rise sharply, and the consumer demand that drives economic growth will be directly affected.
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