Fuel prices witnessed a hike for the ninth consecutive day on Wednesday, February 17. Petrol prices was increased by 25 paise per litre and diesel by 26 paise a litre. With this, it comes across as the fuel cost has increased by around INR 3 in less than 10 days.
After today’s hike, petrol prices in Mumbai has touched INR 96 for the first time ever. While the diesel price has almost touched INR 87 in the financial capital of the country.
It is worth mentioning here that a rally in international oil prices took pump prices in India to new highs.
Meanwhile, the petrol rates in Delhi climbed to INR 89.54 (25 paise increase) a litre as against INR 89.29 on Tuesday, February 16, whereas diesel price soared to INR 79.95 per litre as compared to INR 79.70 a litre on Tuesday, as per data from Indian Oil Corporation website.
Economists are of the view that the boiling diesel and petrol prices could push up inflation, making it tough for the Reserve Bank of India to continue its accommodative monetary policy.
The reason behind the increase in fuel prices in India is the firming of global crude oil rates. Global crude oil rates have mostly crossed $60 per barrel and expected to rise further as demand gets stronger. This along with high fuel taxes in India have pushed petrol and diesel rates in the country to record high levels.
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