Lagatar24 Desk
New Delhi, Oct.7: Despite a reduction in worldwide crude oil prices, fuel prices were dramatically increased on Thursday. Petrol and diesel prices have been raised by 30 paise and 35 paise, respectively, by state-run oil marketing companies (OMCs).
The prices have continued to rise across the country consecutively, with them crossing the Rs. 100 mark in many states. The states of Rajasthan, Madhya Pradesh, and Maharashtra have the highest prices. Petrol is sold at the highest retail price in India at Sri Ganganagar, Rajasthan, where it costs Rs 114.92 per litre.
After the OMCs raised fuel rates again today, the price of petrol in Mumbai reached an all-time high of Rs.109.25 per litre. Diesel was priced at Rs. 99.55 per litre, up by 38 paise.
In Delhi, petrol now costs Rs.103.24 per litre, while diesel costs Rs.91.77 per litre. In Kolkata, petrol costs Rs.103.94 per litre and diesel costs Rs.94.88 per litre, while in Chennai, petrol costs Rs.100.75 per litre and diesel costs Rs.95.26 per litre.
According to multiple predictions, crude oil prices may grow further higher by December as a result of rising demand and constrained supply due to OPEC+’s slower supply relaxation. OPEC+ is a collection of key oil producing countries and allies.
Experts have indicated categorically that rising crude oil prices will have an impact on emerging economies that import a substantial amount of crude oil. India is one of the world’s top crude oil importers.
Despite the negative consequences of increasing fuel costs, the Centre and state administrations have insisted that taxes on petrol and diesel would not be reduced. However, such a move could negatively impact consumer sentiment and demand, both of which are important drivers of economic growth.
Given the current trend of rising crude oil prices and no change in domestic fuel taxes, citizens should expect to pay significantly more for gasoline and diesel in the near future.
