(FE)
After three and a half years, the petrol price in Mumbai breached the Rs 80 per litre mark on Monday, and hit Rs 80.30 per litre today, while the prices in Delhi, Kolkata and Chennai are Rs 72.43 per litre, Rs 75.13 and Rs 75.12 respectively. The diesel prices are at an all-time high at Rs 63.38 per litre in Delhi, Rs 66.04 in Kolkata, Rs 67.50 in Mumbai and Rs 66.84 in Chennai. The fuel price has risen by more than Rs 3 in the last three months on the back of crude oil rally due to geopolitical risks and production cuts.
While petrol price at Rs 80 per litre is burning the pockets of the common man, it seems unlikely for the price to go down on their own, as analysts expect Brent crude oil to rise to $100 per barrel in next one year. Brent crude oil price has gone up by more than $15 per barrel in last three months and is hovering around $68 per barrel.
