Fuel prices remain unchanged on Monday, as state-run oil marketing companies decided to keep rates stable after hitting them sharply yesterday. However, fuel prices are expected to rise as global crude oil prices accelerate every day.

Gasoline and diesel are retailing at record prices across the country. (Photo: Reuters / Representative image)

State-run oil marketing companies kept fuel prices unchanged on Tuesday after a sharp rate hike a day ago. Gasoline and diesel are retailing at record prices across the country.

Fuel prices are likely to rise further as global crude oil prices are now skyrocketing amid heightened optimism fueled by growing demand. Benchmark Brent crude has risen for four straight sessions and is selling above $ 73 a barrel.

Rising international crude oil prices may force state oil companies to further raise rates in the coming days. This could spell disaster for low- and middle-income people in the country, who are also under pressure from the rising cost of daily essentials and healthcare.

Watch | Where does the blame for skyrocketing fuel prices lie: Central or States?

While gasoline and diesel prices have not been increased today, the price of the two car fuels has increased by around Rs 7 per liter since May 4. In Delhi, the price of gasoline remains unchanged at Rs 96.41 per liter and diesel costs Rs 87.28 per liter.

Mumbaikars currently pay over Rs 102 for a liter of gasoline, while diesel is approaching Rs 95 per liter. Citizens of other major cities like Kolkata, Chennai, Hyderabad and Bengaluru are also under great pressure due to the high rates.

Meanwhile, the highest retail price of gasoline in the country topped Rs 107 per liter and diesel recently topped Rs 100 per liter. Petrol sells for over Rs 100 per liter in many districts of the country, and the price of diesel has exceeded Rs 90 per liter in many major cities.

Experts are worried about the latest wave of fuel price hikes as it puts immense pressure on citizens, who have already been financially affected during the second wave of the Covid-19 pandemic.

View the latest gasoline and diesel prices

City

Gasoline (per liter)

Diesel (per liter)

New Delhi

96.41 rupees

87.28 rupees

Bombay

102.58 rupees

94.70 rupees

Calcutta

96.34 rupees

90.12 rupees

Chennai

Rs 97.69

91.92 rupees

Rising fuel prices have also caused inflation to rise sharply, according to new government data released yesterday. Retail price inflation rose sharply in May to 6.3 percent, from just over 4 percent the month before.

Economists suggest that fuel prices are one of the main factors behind rising inflation, which could not only cripple demand, but also significantly slow the process of economic recovery.

Read | Wholesale inflation pushed retail prices to six-month high in May, experts say trend may continue

Read also | Inflation is at record highs. How to tame the soaring fuel and food prices?

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