The sky-rocketing petrol prices have a touched a new high by touching ₹91.08 per litre in Maharastra. In Delhi, the prices were recorded at ₹83.73 a litre. Oil Marketing companies have increased the prices of both petrol and diesel by 24 paise and 32 paise per litre on Sunday.
In India, charges borne by consumers vary in different states according to its VAT policy. Currently, the cost of petrol in Bengaluru is ₹84.40, where it is priced at ₹85.53 per litre in Kolkata. Among other cities like Chennai and Lucknow, people have to pay ₹87.05 and ₹83.03 in Lucknow.
Indian Oil Corporation posted that the price of diesel product in Bengaluru and Kolkata is ₹76.94 and ₹79.40/litre respectively. Further, it is retailing at ₹79.40 litre in Chennai and ₹75.22 per litre in Lucknow.
The petrol prices in India are dependent on global fuel prices. Presently, the Brent oil is recorded as much as $82 per barrel. The domestic petrol price has gone 8% higher since August 2018. With rupee fluctuating every day, it has become to contain the rising prices of petrol.
In an effort to reduce the pressure of rising petrol prices, some of the state governments like Andhra Pradesh, Karnataka, West Bengal and Rajasthan have curbed the petrol prices. The petrol prices in India have been increasing since August due to depreciating currency and weak global cues. Earlier this month central government did not consider reducing petrol prices due to election-2019 scheduled next year.
Subsidised cooking gas price has also been hiked by Rs 2.89 per cylinder to Rs 502.4 per cylinder.