With no respite in sight for consumers, the prices of petrol and diesel touched record highs of Rs 83.85 per litre and Rs 75.25 per litre, respectively in Delhi on Tuesday. These are an increase of Rs 0.12 and Rs 0.16, respectively from Monday’s prices. Petrol and diesel prices in Mumbai are Rs 91.20 per litre (an increase by Rs 0.12) and Rs 79.89 per litre (an increase by Rs 0.17), respectively, according to price notification by state-owned oil firms.
Mumbaikars are the worst affected owing to this growing inflation as the petrol is heading towards Century mark in the financial capital of India. Domestic cooking gas LPG rates breached the Rs 500-level for the first-time ever as oil at four-year high pushed fuel prices to new all-time high across the country on Monday.
The price of non-subsidised LPG in Delhi will increase by Rs 59.00 per cylinder in October 2018 because of a change in international price and foreign exchange fluctuations, the Indian Oil Corporation (IOC) had said in a statement.
A combination of a dip in rupee value against the US dollar and a rise in crude oil prices has led to a spike in fuel prices since mid-August. The deadly cocktail of high oil prices and the depreciating rupee has made imports costlier and led to a surge in fuel prices. India is 81 per cent import dependent to meet its oil needs.