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

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)

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