“For a net oil importer like India, a sustained rise in crude oil price would have adverse macroeconomic implications,” it said. Diesel prices in Delhi also went up in equal measure as it breached the Rs 67-mark and stood at Rs 67.08. The uptick is largely being seen as a fallout of escalation in global crude oil prices which went northwards of $80 per barrel. On Thursday, brokerage firms suggested that a hike of Rs 4 in petrol, diesel prices was on the cards. “The Centre is sensitive towards the rising fuel prices.

Source: Economic Times May 21, 2018 07:52 UTC