Mumbai: Petrol and diesel prices were once again hiked steeply on Tuesday as the country continues to suffer the impact of a declining rupee and rising global crude oil price. It may be noted that the price of petrol has been hiked by 16 paise today, taking the price of petrol to almost Rs 87 in Mumbai.
While the petrol price in Mumbai is now at Rs 86.72/litre, it is retailing at Rs 79.31 in the national capital compared to Rs 79.15 yesterday. Petrol prices are now over Rs 80 in 7 major Indian cities, drawing the ire of many citizens who have blamed the government for failing to control fuel prices.
On the other hand, diesel price on Tuesday was hiked by a whooping 15-29 paise, varying across different cities and states. It may be noted that diesel is retailing at Rs 71.34/litre in comparison to Rs 71.15/litre on Monday.
The highest rise in price was observed in Kolkata, with diesel price rising 29 paise to Rs 74.29/litre. While people in Patna are currently paying the highest rate for diesel at Rs 77.10/litre, citizens in Trivandrum are paying the second-highest rate of Rs 76.50/litre. In Mumbai, diesel is retailing at Rs 75.74/litre while in Chennai the rate has gone up 15 paise to Rs 75.39 for a litre.
Considering the fact that India is the third highest importer of crude oil, the government is under extreme pressure to find a solution to the country’s fuel woes. While work has begun to become self-sufficient in future, the current pressure on the country is immense and may lead to a significant rise in oil inflation.
Despite the rising prices, Union Minister for Oil & Gas, Dharmendra Pradhan, said on Sunday that external factors were responsible for the rise in domestic prices of petrol and diesel. He, however, said the rise was temporary.
It may be noted that fuel prices have been on the rise in the country since August 16 as the value of the rupee weakened against the dollar.
Petrol and disel prices have climbed significantly within a fortnight last month. The rise in global oil prices will also drag India’s Current Account Deficit (CAD) as it imports 80 per cent of its crude from foreign sources.