Fuel prices were increased sharply by state-run oil marketing companies (OMCs) on Friday. Petrol and diesel prices have been increased by 28-29 paise across the country.
After the latest hike in fuel prices, in Delhi petrol is selling at Rs 95.85 per litre and diesel costs Rs 86.75 per litre. In Mumbai, petrol price has crossed Rs 102 per litre and diesel is retailing at Rs 94 per litre.
The latest round of fuel price hike has been so severe that the highest retail price of petrol in the country has gone up to Rs 106 per litre and that of diesel is just over Rs 99 per litre.
In view of higher global crude oil prices, state-run oil companies are hiking rates the rates of the fuel. Experts are worried that it will severely impact economic recovery.