Petrol, diesel price hike rally continues amid festive season

Petrol and diesel prices continue to rise amid the festive season. On Sunday, oil marketing companies have increased the price of motor fuels for the sixth consecutive day. Petrol price was hiked by 30 paise per litre and diesel by 35 paise a litre.

With the latest hike, both the motor fuels have reached new price bars. Petrol price in Delhi is ₹104.14 per litre, while diesel costs ₹92.82 in the national capital. Mumbai is selling petrol at the highest rates among all metro cities in India. Petrol in the business hub of India costs ₹110.12 per litre, while diesel costs 100.66 for a litre.

In Kolkata, a litre of petrol and diesel now cost ₹104.80, whereas diesel is being sold at ₹95.93. In Chennai, petrol price has been hiked to ₹101.53 and diesel is being retailed at ₹97.26.

This is among the biggest price hike rallies for both petrol and diesel rates, resulting in the largest retail rate incidence for the consumers. For four days in a row, petrol and diesel rates have been increased by 30 paise and 35 paise respectively.

The latest series of price hikes for motor fuels come on the back of the soaring price of crude oil in the international market. Brent crude price has increased to $82 per barrel after the group of oil-producing countries, OPEC has decided not to increase the volume of oil production by more than 0.4 million barrels per day. This has caused a price surge in the international market. India is dependent on the import as 85 per cent of its total fuel demand comes from overseas markets.

The surging price of petrol and diesel is not only impacting motorists but non-motorists as well. This is causing increased transportation costs and eventually resulting in a higher price for consumer goods as well. The auto industry too is feeling the heat due to the surging price of motor fuels.