Diesel price hiked by 47 paise in Mumbai, set to breach Rs 77 mark

Diesel price hiked by 47 paise in Mumbai, set to breach Rs 77 mark
Petrol price touched Rs 87.77 (up 38 paise) and Diesel reached Rs 76.98 (up 47 paise) on Saturday

Fuel prices in Mumbai and New Delhi reached new highs on Saturday as Oil Marketing Companies (OMCs) continued to hike prices in the midst of several external factors.

As per the Indian Oil Corporation website, a price hike of 38 paise and 47 paise per litre was implemented on petrol and diesel respectively in Mumbai.

As a result, the price of petrol rose to Rs 87.77 per litre, while diesel is being sold at 76.98 per litre today.

In New Delhi, petrol is sold at a record high rate of Rs. 80.38 per litre, and diesel at Rs 72.51 per litre.

While the price of both fuels is the highest-ever in Delhi and Mumbai, the rise in diesel prices gains significance as it is mostly used in the transportation of food and agricultural products and an increase in its price may lead to higher inflation.

The soaring prices are continuing to burn a hole in the pockets of commuters, one of whom feels he may have to avail bank loans to pay for fuel.

Meanwhile, a local from Mumbai urged the government to intervene in the matter.

“The way the prices are increasing with each passing day, it seems that it would cross Rs. 100 per litre. It’s only the common man who is getting affected due to this. The government should take some steps and do something about it,” he told ANI.

While the government has maintained that depreciation of the Indian Rupee against the U.S dollar and a hike in global crude oil prices is causing a surge in domestic oil prices, citizens and the Opposition alike feel the Narendra Modi government is not doing enough to curb rising oil prices.

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