Indians, Be Prepared! Petrol-Diesel Prices Are Likely to Stay High

As Saudi is unlikely to allow oil prices to fall, Indians should prep for a period of high petrol-diesel prices.

The price of petrol in India is at a four-year high, while the price of diesel is at an all time high. And from the looks of it, these prices are unlikely to go down any time soon.

When Narendra Modi took over as India’s prime minister in May 2014, the average price of the Indian basket of crude oil during the course of the month was US $106.85 per barrel.

Petrol was sold at Rs 80 per litre in Mumbai and Rs 71.41 per litre in Delhi. Diesel was being sold at Rs 65.21 per litre and Rs 56.71 per litre respectively, in the two cities.