In some cities, diesel prices have touched a record high while that of petrol are at a 56-month peak.
Petrol will now cost Rs 75 per litre in Delhi, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai and Rs 77.93 in Chennai.
Diesel price in India today: It's a insane world for Indian fuel prices, as the state-owned OMCs have continued to hike diesel prices to record highs for third consecutive day in various state capitals in India.
Diesel price in Chennai: Like Mumbai, similar hike was also made in Chennai.
This followed public sector oil marketing companies revising the fuel prices across the country, something that they opted for after a gap of nearly three weeks. After the revision, a litre of petrol was priced at Rs 74.8 in Delhi, while diesel cost Rs 66.14.
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Fuel prices are determined by two primary factors - global crude oil prices as well as the rupee-dollar forex rate.
According to Anoop Bhatia, VP & Sector Head (Corporate Ratings) at rating agency ICRA said "It would take at least around two weeks of modest price hike by the OMCs for aligning retail fuel prices with the worldwide level, even if crude oil prices do not increase from the current level". Also, the rupee has weakened to Rs 67 per United States dollar from Rs 66.62, making imports costlier. The petrol and diesel prices in city had remained stable for 20 days till May 14.
Abhishek Bansal, Chairman, ABans Group, a commodity trading company, said that oil is the most basic commodity and any gradual effect of rising prices may have adverse effect on many other commodities and industries.
The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then also cut the tax once in October past year by Rs 2 a litre.