Petrol prices inch towards new all-time high in India

The price for petrol breached the Rs 90 per litre mark in Mumbai for the first time since 2018 on Sunday, December 6, 2020. As of Monday morning, the price for petrol in the financial capital stood at Rs 90.34 per litre – Rs 1 per litre short of the previous high recorded in 2018. The price of diesel stood at Rs 80.47 per litre.

·        Price of petrol crosses Rs 90 per litre for first time since 2018

·        Petrol prices likely to touch a new all-time high across the country

The near daily hike in fuel prices has seen the price of petrol edge close to the all-time high mark recorded back on October 4, 2018. On that day price for petrol in Mumbai was recorded at Rs 91.34 per litre while prices in Delhi stood at Rs 84 per litre.

As of Monday, November 7, the price of petrol and diesel in the Delhi, Kolkata, Chennai and Bengaluru stood as follows:

It must be noted that while the price for petrol rose above the Rs 90 per litre mark in Mumbai on Sunday, prices for the fuel had already crossed the said mark in some cities such as Bhopal (Rs 91.50 per litre), Aurangabad (Rs 91.57 per litre) and Indore (Rs 91.58 per litre) in the past week.

In recent weeks fuel prices have seen an upward revision as many as 15 times since November 20. Prices for petrol and diesel had previously remained steady since September 22 and October 2 respectively.

The hike in prices of petrol and diesel has come on the back of the strengthening of prices of crude oil in recent weeks – prices rose by around $10 a barrel in the last one month. However, as it stands the value of crude oil is still some ways off from what it was back in 2018.

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