All is not well on the global crude oil market front, what with crude oil prices scaling upwards of $70 a barrel as a result of geopolitical issues, and OPEC and Russia reducing supplies.
For India, the world’s third largest importer, and its vast populace of motorists, this spells bad news both in terms of tanking up on fuel and from the general inflation point of view. As is known, in the past fortnight, prices of petrol and diesel in the country have surged and are currently running at Rs 82.48 for a litre of petrol (the highest in 55 months) and Rs 70.20 a litre for diesel (a 44 month high after Rs 67.26 per litre in August 2014).
The current price difference between petrol and diesel is Rs 12.28 a litre, the narrowest it has got since 2017 (see detailed chart below). What’s also apparent is that within three years, the price of petrol per litre has risen by Rs 11 a litre, while diesel, once touted as the ‘common man’s fuel’ is costlier by Rs 15 a litre. Read More
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