Fuel prices in India are once again inching up. After touching an-all time high of Rs 86.24 on May 29, petrol in Mumbai had come down to Rs 82.94 in the first week of July – Rs 3.30 down. However, gasoline price has once again shot up in the financial capital to Rs 85.
In the last eight months, the petrol price in Mumbai has shot up by Rs 7.13. This year on January 1, the price of gasoline in the financial capital was Rs 77.87. Petroleum prices in India are linked with the crude oil cost in global markets.
And the scenario in global markets is not looking good with Iran – which is the second biggest oil exporter to India and the third-largest oil producer in the OPEC Group – facing an inevitable crisis after the United States announced a fresh sanctions effective November 1.
Not only that, Saudi Arabia, which is the world’s second largest oil producer, too has started cutting production just a month after agreeing to increase the output. Read More