Citizens of the country saw no respite from the rise in gasoline and diesel prices on Monday, as fossil fuel prices were hiked for the seventh day in a row by oil marketing companies. The price of gasoline has increased by ??0.30 per liter and that of diesel has been increased by ??0.35 per liter in Delhi.

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The price of gasoline in the nation’s capital has skyrocketed ??104.44 per liter while that of diesel rose to ??93.17 per liter. In Mumbai, gasoline has touched ??110.41 per liter while diesel also recently exceeded the ??100 points and is now at ??101.03 per liter after the state saw a rise in the price of gasoline by ??0.29 per liter. The diesel rate in Mumbai has been increased by ??0.37 per liter.

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In Kolkata, gasoline is retailed at ??105.09 per liter as the price of diesel climbed to ??96.28 for each liter. Chennai sells gasoline to ??101.89 for every liter while diesel is retailed in the city for ??97.69 per liter.

This is one of the largest fuel price increases for gasoline and diesel tariffs, resulting in the largest impact of retail tariffs for consumers in the country.

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The latest round of gasoline and diesel price increases is driven by the rise in the price of crude oil on the international market. The price of Brent crude rose to $ 82 a barrel after the group of oil-producing countries – OPEC – decided not to increase the volume of oil production by more than 0.4 million barrels a day. This has led to a surge in prices on the international market. India imports 85 percent of its total fuel demand from overseas markets, thus relying heavily on imports to meet its fuel demand.

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