Fuel prices across the country continue to soar. According to news reports, the rate of petrol and diesel prices have been surging almost every day for a week and now stands at Rs 71.27 per litre and Rs 65.90 per litre after a 13 and 19 paise hike in New Delhi, respectively.
As per a report in NewsD, petrol prices in many cities now stand upward of Rs 70 per litre with Mumbai at Rs 76.90, Nagpur at Rs 77.38, Aurangabad at Rs 78.00 etc. A Firstpost report claims that the weakening rupee and rising crude rates in the international market increased petrol and diesel prices by in the country since January 1, 2019.
This surge, as per reports, comes amidst a global dip in crude oil prices, which have been going down owing to a reduction in the global economic growth forecast which triggered concerns over demand for oil in the coming weeks.
As per OilPrice, India’s crude oil demand this year will continue to rise at the same rate it rose by in 2018, making it the second-biggest driver of global demand growth. the report adds that in 2018, India’s demand growth accounted for 14 per cent of the global total, at 245,000 bpd year-on-year, making Asia’s third-largest economy second only to the United States and ahead of China in terms of oil demand.
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