The price of fuel is expected to skyrocket past R15 per litre.
The petrol prices are Rs77.79 in Kolkata, Rs82.94 in Mumbai and Rs77.93 in Chennai, respectively. The government has no role in the fuel price hike except for the extra tax levied by respective state governments.
Petrol price in India today: The price of petrol continued to rise for 4th straight day gaining 22-24 paise per litre across Delhi, Kolkata, Mumbai and Chennai.
The consecutive four-day rise in the rates of petrol and diesel, though eclipsed by the political drama in Karnataka, is a major reason to worry as petrol price are close to hitting an all-time high soon. In Bengaluru, petrol price is now at Rs 76.54 and in Hyderabad it is Rs 79.78. Currently, a litre of diesel in Delhi will cost the buyer Rs 66.79 - that is more than the cost of a litre of petrol in Port Blair where petrol price is at Rs 64.96 and only slightly better than Panjim's Rs 69.41. "Now that the Karnataka elections are over the oil companies will hike up the retail fuel rates to catch up on those losses", said Prashant Reddy, a city-based petrol pump owner. The rupee has been down by 6% against the United States dollar so far this year.
Several commuters have termed the daily revision process, which kicked of previous year in June.
The oil companies set the prices of petrol and diesel depending upon the price of crude oil in the worldwide market.
In the finance capital Mumbai, the petrol costs Rs 83.16/litre. The exchange rate of the Indian currency also plays a role in the price hike.