Fuel on fire: Petrol rate crosses Rs 90-mark in Mumbai, diesel price hiked across all metros
There seems to be no respite for the common man from the spurging fuel prices. On Monday, the petrol price breaches Rs 90-mark in Mumbai, with current rates reaching Rs 90.8 per litre.
In Delhi, petrol is being sold at Rs 82.72 per litre. Diesel prices were hiked across all metros. Diesel price were hiked by 5 paise a litre except Chennai where the prices were raised by 6 paise per litre.
In Delhi, diesel is being sold for Rs 74.02 per litre, whereas in Mumbai the current price is Rs 78.58 per litre.
The constant surge on fuel prices is also hurting the festival expenditure done by majority of the Indian households. Ahead of the festive season, the surge in petrol rates has left consumers scrambling and cutting household expenses to adjust with the price hike, a survey said. "The festive season is nearing. Everyone wants to spend on gifts and do those much-awaited upgrades of the home appliances. But the roof-touching fuel prices have put a dent in the pre-festive season spirit," citizen engagement platform LocalCircles said in its latest survey.
"It is a big burden on the middle-class Indians and many of them are scrambling and cutting household expenses to adjust with the rising fuel prices," it said.78 per cent households have plans to reduce or have already reduced their discretionary spending like eating out, leisure travel, movies, shopping etc, the survey said.
Meanwhile, the OPEC oil cartel raised its global production forecast Sunday based on higher-than-predicted US output in a report outlining a long-term rise in net demand, particularly in developing countries.
In its annual World Oil Outlook, the Organisation of Petroleum Exporting Countries forecast world supply of all hydrocarbons (primarily oil and liquified natural gas) would rise from a current 98.4 million barrels per day (mbd) to 104.5 million by 2023, and 111.9 million by 2040.
(With agency inputs)
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