Gasoline and diesel prices rose sharply after the day’s break. Consult the latest prices

State-owned petroleum marketing companies (WTO) sharply increased fuel prices on Tuesday after a day of difference. Gasoline and diesel prices hit new highs after today’s increases of 35 and 28 paise, respectively.

State oil companies have raised fuel prices despite falling international crude oil prices in recent days.

After the new revision, the price of gasoline is only an increase of the crossing of 99 Rs per liter in Delhi and diesel is now selling above 89 Rs per liter. These are the highest fuel prices on record in the nation’s capital.

Likewise, a liter of gasoline in Mumbai will cross for the first time Rs 105 per liter after a further rise and the price of diesel in the financial capital has risen to Rs 96.72 per liter.

The price of gasoline is about to cross Rs 100 per liter in Chennai and an equal amount of diesel costs Rs 93.74 per liter. In Calcutta, the price of gasoline has approached Rs 99 per liter after the further increase, while diesel costs more than Rs 92 per liter.

Read | Fuel prices at an all time high. How it affects your finances

Fuel prices have risen just as sharply in non-metropolitan cities and towns across the country. At present, the highest retail price of gasoline is almost Rs 110 per liter in Sri Ganganagar in Rajasthan. The price of diesel has also crossed Rs 100 per liter in town.

However, the fall in the international crude oil price could provide some relief, as OMCs will have a window to cut rates. Global crude oil prices fell 2% to a one-week low yesterday after hitting their highest since 2018.

Check out the prices for gasoline and diesel in the city:

City

Gasoline (per liter)

Diesel (per liter)

New Delhi

€ 98.81

89.18 rupees

Bombay

Rs 104.90

96.72 rupees

Calcutta

98.64 rupees

Rs 92.03

Chennai

99.82 rupees

93.74 rupees

A spike in new Covid-19 cases in Asia and Europe has dampened the oil recovery in addition to this week’s OPEC + meeting.

However, domestic oil prices will need more than a few gradual reductions to reach normal levels. High oil prices have caused inflation to rise sharply, posing a huge risk to the economic recovery after the second wave of Covid-19 in the country.

Many low-income households that depend on gasoline and diesel for their livelihoods are struggling to make ends meet after prices started to rise sharply since May. In fact, aggregate demand has been hit hard due to the rise in prices of essential items due to fuel-induced inflation.

Higher fuel taxes in India are believed to be behind the current record gasoline and diesel prices in the country. A reduction in these taxes has been a long-standing demand, but neither the Center nor the states want such a measure because it will have a direct impact on their income.

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