State-run oil marketing companies have kept fuel prices unchanged on Tuesday after hiking rates sharply a day ago. Both petrol and diesel are retailing at record high prices across the country.
It is likely that fuel prices will be hiked further as global crude oil prices are now soaring due to higher optimism, fuelled by rising demand. Benchmark Brent Crude Oil has been rising for four consecutive sessions and is retailing above $73 per barrel.
The rising international crude oil prices may force state-run oil companies to hike rates further in the upcoming days. It could be catastrophic for the country’s low- and middle-income earners, who are also under pressure due to rising cost of daily essential items and healthcare.
While petrol and diesel rates have not been hiked today, the price of both auto fuels have been hiked roughly by Rs 7 per litre since May 4. In Delhi, petrol price remains unchanged at Rs 96.41 per litre and diesel costs Rs 87.28 per litre.
Mumbaikars are currently paying over Rs 102 for a litre of petrol, while diesel is nearing Rs 95 per litre. Citizens in other major cities like Kolkata, Chennai, Hyderabad and Bengaluru are also under serious pressure due to high rates.