Petrol prices in India are set to touch the all-time high level, with a litre of the transportation fuel selling at Rs83.71 in Delhi on Monday.
While the petrol price was increased by 30 paise per litre on Monday, the price of diesel was also increased by 26 paise per litre to be sold at ₹73.87 per litre in the national capital.Petrol price in Mumbai also touched ₹90.34 per litre on Monday.
While the coronavirus pandemic has impacted global energy demand, with the announcement of several vaccines being successful, there has been a bounce in international crude oil prices. While Brent was trading at $48.74 per barrel, the West Texas Intermediate was at $45.74 a barrel at the time of writing this story. Every dollar per barrel increase in crude prices increases India’s oil import bill by Rs10,700 crore on an annualized basis.
