In the second hike of week, fuel prices almost touched the sky. In Delhi, for the first time, diesel crossed all the bars and reached Rs 90.17 per litre whereas petrol is reaching Rs 101.89 per litre. Petrol is available at Rs 107.95 and diesel stands at Rs 97.84 in Mumbai.
On Friday, as crude oil prices on international level remain high, the OMCs also increased fuel prices. Except Tuesday, fuel prices saw a straight hike this week.
Respectively, the price of petrol is raised by 25 paisa and diesel is hiked by 30 paisa. After oil marketing companies increased the price of fuel, petrol and diesel prices also hiked today. In Kolkata petrol costs Rs 102.47 per litre whereas in Chennai it is available at Rs 99.58 per litre. There are a number of cities where price of petrol has crossed 100 Rs.
In the capital, price of diesel crossed Rs 90 per litre. In Kolkata, cost of diesel is Rs 93.27 per litre and in Chennai it costs Rs 94.74 per litre.
From last two days, crude oil is seeing a fall, a Goldman Sachs report suggested that by December, it may cost $90 per barrel.
India is one of the largest importer of oil in the world and with the hike in price of crude oil will lead to rise in petroleum products.
India being one of the highest imposer of tax on fuel has said that there will no relaxation in taxes applied on fuel. Inflation will be raised if prices of fuel keep on increasing which will impact economic growth.