Fuel prices hiked four days in a row, Petrol soars to over ₹88 in Delhi1 min read . Updated: 12 Feb 2021, 05:01 PM IST
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.
Diesel rates rose to ₹78.38 per litre in the national capital and to an all-time high of ₹85.32 in Mumbai.
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.
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)