Fuel prices for the third consecutive day this week were hiked as global crude oil rates remain on the higher side. According to sources, State-run oil marketing companies have hiked petrol and diesel rates across the country by 35 paise each.
For the past three days, both petrol and diesel rates have increased by Rs 1.05 per litre this week. Petrol and diesel rates have been increasing by 35 paise each.
The price of petrol has increased to Rs 106.89 per litre in Delhi and Rs 112.78 per litre in Mumbai. Meanwhile, the price in Kolkata has jumped to Rs 107.44 per litre. It has also crossed Rs 104 per litre in Chennai after the fresh hike.
In all major cities, petrol is retailing above Rs 100 per litre. Meanwhile, there is the highest retail price in Rajasthan’s Sri Ganganagar at over Rs 117 per litre.
Also, a litre of diesel costs over Rs 95.62 per litre in the national capital New Delhi and Rs 103.63 per litre in Mumbai. Diesel price is getting closer to Rs 99 per litre in Kolkata. Meanwhile, it has just crossed Rs 100 per litre in Chennai.
Sources say the sharp rise in fuel prices is likely to impact economic growth in the near term. This is because it would trigger a period of high inflation. In other words, the cost of many essential and non-essential goods will rise if fuel prices remain high for a prolonged period.
There is a possibility of rising inflation, but still, the government has made it clear that excise duty levied on petrol and diesel will not be slashed in the near term. Thus, in such a scenario, citizens may be forced to pay higher for petrol and diesel as global oil prices continue to rise.
Fuel Prices chart in Major Indian cities:
|CITY||PETROL (PER LITRE)||DIESEL (PER LITRE)|
|KOLKATA||Rs. 107.44||Rs. 98.73|
|BENGALURU||Rs. 110.61||Rs. 101.49|
|CHENNAI||Rs. 104.01||Rs. 100.01|
|PATNA||Rs. 110.55||Rs. 102.31|
|NEW DELHI||Rs. 106.89||Rs. 95.62|