Fuel prices have once again witnessed a hike in the country on Saturday, the petrol price was hiked by 22 paise per litre and diesel by 21 paise per litre. In Mumbai, a litre of petrol has touched Rs 90.75 per litre while diesel has been capped at Rs 79.23 per litre. In New Delhi, petrol is being retailed at Rs 83.40 per litre and while diesel is being sold at Rs 74.63 per litre.
India is the third largest importer of crude oil and rising international oil prices are inflating domestic transport fuel costs in a strong demand environment. Brent, the benchmark for more than half the world’s oil, climbed to USD 80 per barrel from USD 71 in the last five weeks, and the Indian rupee lost ground against the dollar by 5-6 percent during the same period, resulting in expensive crude imports.
