Oil Marketing Companies (OMCs) have revised the fuel prices on Monday again. Now, the diesel and petrol prices have increased once again for the second consecutive day in the wake of rising international crude oil rates. However, on Monday, the petrol and diesel have hiked nearly by 27-29 paise per litre.
In New Delhi, Petrol retails at Rs 95.37 per litre and diesel costs Rs 86.28 per litre. In Mumbai, petrol price has crossed Rs 101 per litre and diesel has gone up to Rs 93.64 per litre as per Hindustan Petroleum Corporation Limited.
|City||Petrol (Per Litre)||Diesel (Per Litre)|
You should note that the price of diesel and petrol has hiked 21 times since May 4, 2021. The petrol price has gone up approx. Rs 5 per litre in the last month, whereas diesel prices have increased by Rs 6 per litre across the country.
The agencies say that the increase in the price of fuel prices is due to the wake of rising global crude oil prices. As per the different research reports, economists have signaled that rising fuel prices could reduce overall demand and lead to another round of high inflation, which is a key requisite for economic recovery.