New Delhi: Oil NSE 3.49 % prices have risen above $80 a barrel for the first time in three years, increasing domestic fuel prices and triggering concerns about higher import bill, inflation, and current account deficit.
State-run fuel retailers raised prices of diesel by 25 paise per litre and of petrol by 20 paise per litre on Tuesday. In Delhi, diesel now costs Rs 89.57 and petrol Rs 101.39 per litre. Cooking gas prices are also likely to rise when companies revise rates at the beginning of October.
Oil price rise, 55% since the beginning of the year, is another sign of the energy crisis that has shaken the world. Coal prices have doubled in Asia and natural gas prices tripled in Europe and the US in a year.
