Global cues pushed fuel prices to increase again across the country on Saturday, 26 June, adding to the miseries of the common man already grappling with rising food prices amidst shrinking income.
The retail prices of both petrol and diesel rose by a sharp 35 paise per litre on Saturday to touch new high of Rs 98.11 and Rs 88.65 per litre respectively in Delhi.
With the rise, petrol price has reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100-per-litre mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, and Andhra Pradesh.
In Mumbai, where petrol prices crossed the Rs 100/l mark for the first time on 29 May, the fuel price reached new high of Rs 104.24 per litre on Saturday. Diesel price also increased in the city to reach Rs 96.13 a litre, the highest among metro cities.
Across the country as well, petrol and diesel prices increased on Saturday but its retail prices varied depending on the level of local taxes in different states.
Petrol prices in three other metros have also reached closer to Rs 100-per-litre mark. OMC officials said that if international oil prices continue to firm up, this mark could be breached in other places as well by month end.
With Saturday’s hike, fuel prices have now increased in 30 days, remaining unchanged in 27 days since 1 May. The 30 increases have taken up the petrol prices by Rs 7.72 per litre in Delhi. Similarly, diesel price has increased by Rs 7.92 per litre in the national capital.
With global crude prices also rising on a pick-up demand and depleting inventories of the world's largest fuel guzzler, the US, retail prices of fuel in India are expected to firm up further in coming days. The benchmark Brent crude reached multi-year high of over USD 76 on ICE or Intercontinental Exchange.
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