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

Petrol, diesel prices continue to rise, touch new high

  • In Delhi, petrol price is nearing 86 per litre mark.

Petrol and diesel price continue to rise as it hit new high on Saturday after fourth hike within a week. Petrol price in Delhi will now be at 85.70 per litre, while diesel will cost 75.88 per litre after a 15 paise hike.

On Friday, price of a litre of petrol in Delhi was at 85.45 while diesel cost 75.63 per litre.

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Earlier this week, petrol price breached the 85 a litre mark in the national capital on Tuesday, and diesel neared record high after rates were raised for the second consecutive day.

In Bhopal, the latest hike has spiralled petrol prices to 93.59 per litre and diesel prices to 83.85 per litre. Mumbai also saw fuel prices soar as petrol prices rose to 92.28 per litre and diesel prices rose to 82.66 per litre.

In Kolkata, petrol will now cost 87.11 per litre and diesel will cost 79.48 a litre. In Chennai, petrol price is now 88.29 and diesel 81.14.

The record rise in prices have led to demands for cut in excise duty to allow customers to buy fuel at lesser prices. Union minister for petroleum and natural gas Dharmendra Pradhan blamed the price rise on Saudi Arabia’s oil output cut.

“A few months back, we all were discussing consumption-centric revival, demand-driven revival, and we were supposed to restrict our production cut, and ramp-up (of production) gradually by January. But contradiction to that, we all are controlling oil production (now)," Pradhan was quoted as saying by news agency PTI during an energy conference referring to a deal between Organisation of the Petroleum Exporting Countries (OPEC) and its allies, including Russia.

When fuel prices had last touched record high on October 4, 2018, the government had cut excise duty on petrol and diesel by 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

This time, there are no indications of a duty cut so far.

Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates. They vary from state to state depending on the incidence of local taxes.

  • First Published Date : 23 Jan 2021, 11:04 AM IST