The last time India's crude oil basket was above 60-dollars-a-barrel was in December 2014. As crude oil rose above $65 a barrel, Indian vehicle owners can expect to pay more as retail crude oil prices may soon cross the Rs 80-a-litre mark.
Already, retail inflation has hit a 15-month high, at 4.9 per cent while the Asian Development Bank (ADB) has lowered India's GDP growth rate by 0.3 percentage points, to 6.7 per cent from 7 per cent earlier.
Crude oil prices, which were in a decline in the first quarter of FY18, have now spiked up again and are now higher by almost 17 per cent since April this year.
Retail petrol price, since daily price revision was introduced, shot up by Rs 2.88 before declining to Rs 69.07 on Wednesday, in Delhi, where fuel prices are the cheapest among the metros.
Mumbai pays the highest retail price for petrol among metros, at Rs 76.66 per litre.