Petrol Gets Closer to its Highest Ever Price After New Hike

Petrol and Diesel prices were hiked again for the fourth straight day this week across India. State-owned oil company Indian Oil revised rates on May 17 by 22 to 24 paise in metro cities, heading towards new record-breaking prices.

Petrol prices per litre in metro cities in rupees:

Diesel hit its all-time high at Rs 66.79 per litre in Delhi after a hike of 22 paise. Rates in metro cities per litre in rupees:

Petrol now costs Rs 75.32 per litre in Delhi, just 97 paise away from crossing the all-time high of Rs 76.06 per litre on 14 September 2013. The rise in fuel prices is not expected to slow down any-time soon as international rates have been on a steady rise. Also Read: How Will Rising Fuel Affect Your Budget and Investments?

Global crude oil trademark Brent is trading at its highest level since November 25, 2014, touching over $79 per barrel this week. Robust oil demand, a devastating economic crisis in Venezuela (that has cut its oil production) and US' decision to reimpose sanctions on Iran (third largest oil producer among OPEC countries) have aided the increase in crude oil prices.

As a large importer of oil, prices have affected India's current deficit, putting pressure on the rupee. The trade deficit for 2017-18 increased to $156.8 billion from $105.72 billion in the last year.

Meanwhile, US reported a record-high monthly increase in oil production of 144,000 BPD (barrels per day), strengthening the American dollar further. Crude oil prices, however, are expected to rise even more in the coming days from escalation tensions around Israel after the US moved its embassy from Tel Aviv to Jerusalem, igniting protests in Gaza.

Check petrol prices in your state capital below: (Prices per litre in rupees)

Diesel prices in state capitals: (Per litre in rupees)