New Delhi, January 23: Skyrocketing prices of fuel in India are burning holes in the pockets of consumers as the price of petrol and diesel continued their upward trend even this week. In Delhi, petrol price on Wednesday witnessed a marginal rise of Rs 0.13 per litre and was retailed at Rs 71.27/litre while diesel became costlier by Rs 0.19 paise per litre and was priced at Rs 65.90/litre. Meanwhile, in Mumbai, Petrol price was increased by Rs. 0.13 paise per litre and was sold at Rs 76.90/litre while diesel rate touched Rs 69.01 per litre with an increase of Rs. 0.2 per litre. Fuel Prices in India Witness Sharp Rise, Petrol Up 1.02 Rupees, Diesel by 26 Paise in Delhi. 

Petrol and diesel prices have been on the rise since January 7. The hike in fuel prices comes amidst the revision of global crude oil prices owing to a possible stifling of supply in the near future. In October 2018, rates had cooled to a year's low of Rs 68.29 for petrol and Rs 62.16 in case of diesel. With this, a decline in rates of fuel prices was observed on almost all days since 18th October, 2018. Petrol, Diesel Prices Rise For Sixth Consecutive Day on January 15; Check Fuel Rates in Metros.

According to the US Energy Information Administration (EIA), India is currently ranked behind the United States and China as the world's third-largest oil consumer. In the 2017-18 fiscal year, India consumed 206.2 million tonnes (over 4 million bpd).

According to a research and consultancy group, Wood Mackenzie, India will surpass China to become the second largest oil demand growth centre globally in 2019 on the back of buoyant auto fuel and LPG consumption. In a report, Wood Mackenzie said India's oil demand growth recovered strongly in 2018, overcoming the aftermath of the implementation of Goods and Services Tax (GST) and demonetisation, and contributed 14 per cent of the global demand growth or 2,45,000 barrels per day.

(The above story first appeared on LatestLY on Jan 23, 2019 08:33 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).