The petrol and diesel prices in India has hit a record high as the oil companies have hiked the fuel prices from the past eight days. All the major cities of India recorded a highest ever hike in the petrol and diesel prices since 2013.
In the national capital Delhi, the petrol price stands at 76.57/litre. The previous recorded highest price was Rs 76.06/litre on September 14, 2013. The diesel rates have also gone up and a litre of diesel costs Rs 67.82 in Delhi. The situation is even worse in the finance capital Mumbai.
Due to the high local taxes, Mumbai has recorded the highest price hike in the country. In Mumbai, the petrol price stands at Rs 84.40/litre. A litre of diesel costs Rs 72.21/litre. The petrol price has breached Rs 80 mark in cities such as Bhopal, Hyderabad, Patna and Srinagar.
In Bangalore, a litre of petrol now costs Rs 77.81/litre, and the diesel is priced at Rs 68.98. In the past eight days, the price of the petrol has been hiked by Rs 1.99/litre while the diesel price has been raised by Rs 1.93/litre. The highest diesel price is recorded in Hyderabad which stands at Rs 73.72/litre.
Soon after the Karnataka polls, the oil companies such as Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) decided to increase the fuel prices. The oil companies did not hike the petrol and diesel prices for 19 days before the Karnataka polls.
The reason behind the hike in the prices of petrol and diesel is the spike in the international oil rates and the fall in the currency exchange rate against the US dollar. By looking at the trend, the prices are expected to be raised in the next few days. But it will be interesting to see if the government will decrease the excise duty to give the consumers a relief.
Thoughts On The Petrol And Diesel Price Hike
The prices of the petrol and diesel have hit an all-time high across the country. The high oil prices in the international market and the declining currency exchange rate against US dollar has resulted in the surge of fuel prices in the country. The consumers are having a tough time to cope up with the heat of price hike.