Right now, petrol prices are hitting around Rs 94.72 a litre in Delhi, while in Mumbai, Chennai, and Kolkata, they stand at Rs 104.21, Rs 100.85, and Rs 103.94, respectively. A significant portion of these prices comes from international markets. India imports about 80% of its oil, so global price changes heavily influence what you pay at the pump.
Prices fluctuate based on various factors, like the central excise duty and state VAT. Additionally, the ongoing value of the rupee impacts costs. When the rupee weakens, crude oil—which is priced in dollars—becomes more expensive for India.
Interestingly, petrol and diesel prices in India are reviewed daily. State-run companies like Indian Oil, Bharat Petroleum, and Hindustan Petroleum adjust prices in response to the international market. This means any rise in global oil rates can affect local prices rapidly.
Diesel plays a crucial role, especially for transporting goods across the country. An increase in diesel prices can lead to a rise in inflation, impacting everyday expenses for everyone.
A recent survey from a leading economic consultancy found that around 60% of Indian consumers are feeling the pinch due to rising fuel costs. Many people are adjusting their budgets and even considering alternative transportation modes as a response. Social media is buzzing with discussions on fuel prices, with users sharing tips to save on fuel and calling for government action to regulate prices.
In the past, India has dealt with similar fuel price crises, but experts say the current global supply issues and geopolitical tensions have made this situation more complex. Looking back at historical price trends, we can see that significant price hikes often correlate with global events, emphasizing the interconnectedness of our economy.
For more insights on how oil prices affect the economy, check out this report from the [International Energy Agency](https://www.iea.org), which explores global energy trends and their impact on developing nations.
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