Gasoline prices in India’s financial capital of Mumbai have risen past the 100-rupee-a-liter mark for the first time ever, among the costliest in the country and almost twice the price in New York.
Retail prices in the city are up 11% this year and reached 100.47 rupees ($1.39) a liter Monday, Indian Oil Corp data show. The equivalent price in the US financial center is $0.79, according to Bloomberg calculations based on figures from the New York State Energy Research and Development Authority.
Indian fuel prices have soared in the past year as Prime Minister Narendra Modi’s administration has repeatedly raised sales taxes to cushion worsening public finances. Levies now make up around 60% of the retail price and federal taxes on gasoline and diesel have surged nearly six-fold since 2013.
