Fuel prices have continued to rise in the country. On Wednesday, the petrol price per litre exceeded Rs 100 in New Delhi after tariffs were hiked due to the rising international oil rates. As per the notification released by the retailers, petrol price per litre was raised by 35 paise while diesel price was increased by 17 paise.
New Delhi and Kolkata happen to be the last of the major Indian cities to see petrol price per litre soar over Rs 100. Other big cities, such as Mumbai, Kolkata, Bengaluru, Chennai, Hyderabad and Pune, had already seen their petrol price breach the Rs 100 per litre barrier in the last few days.
On Wednesday, the petrol price per litre in New Delhi stood at Rs 100.21 while diesel per litre was costing Rs 89.53. In Kolkata, a litre of petrol and diesel were selling at Rs 100.23 and Rs 92.50 respectively. The rise in fuel prices across the country has come as a crude shock for consumers.
The proposal to increase the monthly output of oil to 400,000 barrels per day was stalled by the Petroleum Exporting Countries (OPEC) Organization, which led to Brent crude touch $78 per barrel.
According to the International Energy Agency (IEA), the pre-covid global oil demand of 100.6 million barrels a day would not be recorded before the fourth quarter of 2022. On the other hand, OPEC+ proposes to lift curbs on production by September 2022. The rise in oil prices globally has impacted domestic oil prices as India imports nearly 85% of its oil needs.
For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in.
Engineer by qualification, financial writer by choice. I am always open to learning new things.
