The petrol prices in India have touched a new high with a litre of petrol sold for Rs 84.40 and diesel for Rs 72.21 a litre in Mumbai. With the latest bump in prices, the price difference between the two fuels has narrowed down to Rs 12.19 a litre. This is the highest price petrol has scaled since September 2013.
The price of petrol varies in other metropolitan cities in India. That said a litre of petrol is sold for Rs 76.57 in the national capital (Delhi), whereas in Kolkata it is available for Rs 79.24 and it costs around Rs 79.47 in Chennai. After a hiatus for a fortnight, presumably because of the Karnataka elections, the petrol price has been increased by Rs 1.92 a litre and prices of diesel have been raised by Rs 2.01 per litre in Mumbai.
Back in 2014, the highest price that petrol had scaled was Rs 82.07 per litre, which dropped to Rs 62.75 a litre in March 2016. While year 2017 started with significant increase in fuel prices with petrol sold at Rs 76.91 a litre.
India, which is one of the biggest crude oil importers globally, procures over 80 per cent from overseas to meet the demand of oil in the country. With the global crude oil prices soaring to $80 a barrel, the fuel prices are likely to increase further in near future.