Price of petrol raised by a three-and-a-half-year high in Delhi on Thursday. People had to pay RS 73.05 for a litre.
Last time when nation witnessed high prices in petrol was in year 2014 , when it was RS 73.60 per litre.
In the other metro cities such as Kolkata, Mumbai and Chennai, petrol prices reached high levels on Thursday with prices at Rs 75.74, Rs 80.91 and Rs 75.77 per litre.
Subsequently, there was an appreciation in diesel prices within metro cities. On Tuesday, prices of diesel in Delhi, Kolkata and Chennai touched record highs of Rs 63.01 per litre, 65.67 and Rs 66.44 respectively.
As petrol is the basis of all trades , rise in price of petrol across several metros gives a significant indication that there will be an upward effect in inflation.
Keeping global factors aside, rise and fall in prices of petrol reflect international trades.
Last week, Oil Minister said that wary of price rise it was pushing for a cut in excise duty on petrol and diesel in the 2018-’19 Budget.