Fuel prices hit an all-time high rise for the second straight day on Thursday, Oct 21, following a surge in global crude oil rates.
Fuel prices rallied to their highest ever level as oil marketing companies increased prices of petrol and diesel on Thursday.
This is the second hike this week. The prices were kept unchanged on Monday and Tuesday. In the national capital, the petrol and diesel prices were increased by 35 paise each.
Post-hike, petrol in Delhi was available at Rs 106.54 per litre while diesel at Rs 95.27 per litre.
In Kolkata, petrol prices were increased by 34 paise and a litre of petrol was sold at Rs 107.11.
In the same way, diesel prices were increased by 35 paise and a litre of diesel was retailed at Rs 98.38.
In Mumbai, a litre of petrol costs Rs 112.44 while diesel Rs 103.26. One litre of petrol was available at Rs 103.71 and diesel at Rs 99.68 in Chennai.
Prices differ from state to state depending on the rate of local taxes.
Experts have already anticipated that high fuel prices could block economic recovery by lowering demand and undermining consumer views. It has already led to a visible acceleration in inflation, obvious by the price increase seen across several products and services.
If international crude oil prices keep rising, there are two options to deal with the fuel price crisis: The government could either cut high taxes on fuel or include petroleum products under GST. However, the government does not seem inclined to consider either of the two measures and the fuel prices keep rising leaving citizens in dire straits.