Fuel prices were hiked for the third consecutive day this week as global crude oil rates remain on the higher side. State-run oil marketing companies (OMCs) have hiked petrol and diesel rates across the country by 35 paise each.
For the past three days, petrol and diesel rates have been increasing by 35 paise each. This means both petrol and diesel rates have increased by Rs 1.05 per litre this week.
The price of petrol has increased to Rs 106.89 per litre in Delhi and Rs 112.78 per litre in Mumbai. The price in Kolkata has jumped to Rs 107.44 per litre and it crossed Rs 104 per litre in Chennai after the fresh hike.
There are no major cities where petrol is retailing below Rs 100 per litre, with the highest retail price in Rajasthan’s Sri Ganganagar at over Rs 117 per litre.
Meanwhile, a litre of diesel costs over Rs 95.62 per litre in the national capital and Rs 103.63 per litre in Mumbai. Diesel price is inching closer to Rs 99 per litre in Kolkata and it has just crossed Rs 100 per litre in Chennai.
The sharp rise in fuel prices is likely to impact economic growth in the near term as it would trigger a period of high inflation. Simply put, the cost of many essential and non-essential goods will rise if fuel prices remain high for a prolonged period.
Despite the possibility of rising inflation, the government has made it clear that excise duty levied on petrol and diesel will not be slashed in the near term. In such a scenario, citizens may be forced to pay higher for petrol and diesel as global oil prices continue to rise.
Petrol and Diesel rates in major Indian cities:
|CITY||PETROL (PER LITRE)||DIESEL (PER LITRE)|
|NEW DELHI||Rs. 106.89||Rs. 95.62|
|KOLKATA||Rs. 107.44||Rs. 98.73|
|CHENNAI||Rs. 104.01||Rs. 100.01|
|BENGALURU||Rs. 110.61||Rs. 101.49|
|PATNA||Rs. 110.55||Rs. 102.31|