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Representational image: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai. (REUTERS)
Representational image: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai. (REUTERS)

Fuel prices hiked four days in a row, Petrol soars to over 88 in Delhi

  • Oil Minister Dharmendra Pradhan had told Parliament that the government is not considering a reduction in excise duty to bring the prices down from their record highs.

Petrol and diesel prices have recorded new highs on Friday after rates were hiked for the fourth day in a row. Petrol was made costlier by 31 paise per litre and diesel grew costlier by 35 paise a litre, as per a price notification of state-owned fuel retailers.

After the latest hike, petrol prices in Delhi have touched 88.14, and 94.64 in Mumbai.

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Diesel rates rose to 78.38 per litre in the national capital and to an all-time high of 85.32 in Mumbai.

(Also Read: Fuel price rise: Maharashtra auto drivers forced to work extra hours)

The prices have increased steadily over the course of the last four days, overall petrol has become expensive by 1.21 per litre, while diesel price has risen by 1.25 a litre. For the record, central and state taxes make up for over 61% of the retail selling price of petrol and about 56% of diesel.

Retail petrol rates have shot up by 18.57 per litre since mid-March 2020 and similarly, diesel rates have gone up by 16.09 after the government decided to raise taxes by a record margin to mop up gains arising from fall in international oil prices.

(Also Read: ONGC cuts carbon intensity by over 12% in 5 years: Chairman)

Oil Minister Dharmendra Pradhan had told Parliament that the government is not considering a reduction in excise duty to bring the prices from their record highs.

Previously, Mukesh Kumar Surana, head of India's third-largest fuel retailer Hindustan Petroleum Corporation Ltd (HPCL), announced that a sudden spike in international oil prices was fuelling the retail price hikes (More details here)

  • First Published Date : 12 Feb 2021, 05:01 PM IST