Petrol hits all-time high of Rs 86.95 in Delhi, touches Rs 93.49 in Mumbai

Petrol price soared by 30 paise to Rs 86.95 a litre in the national capital on Friday. This marks the highest ever price at which petrol has been sold in New Delhi

Petrol prices in India touched new all-time highs after oil marketing companies increased rates on Friday, fuelling hopes that the government cuts excise duties.

Petrol price in Delhi soared by 30 paise to Rs 86.95 a litre on Friday. This marks the highest ever price at which petrol has been sold in New Delhi, surpassing the earlier high of Rs 86.65 a litre that was recorded yesterday. Diesel inched up by 35 paise to Rs 76.83.

Petrol prices in Mumbai stood at Rs 93.49 on Friday as compared with Rs 93.20 yesterday. One litre of diesel will cost Rs 83.99 in the city. In Chennai, petrol inched up 26 paise to sell at Rs 89.39. Diesel was retailing at Rs 82.33 in the city. 

In Bangalore, petrol and diesel prices surged by 31 paise and 32 paise respectively to Rs 89.85 and Rs 81.76. In Kolkata, the retail price of petrol price was increased by 29 paise to Rs 88.30 per litre.

Rates differ from state to state, depending on value-added tax (VAT). Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates. 

Petrol prices scaled to a fresh high on Thursday as fuel retailers hiked prices by the most in recent times. Mukesh Kumar Surana, head of India's third-largest fuel retailer Hindustan Petroleum Corporation Ltd (HPCL) had said that they "probably have no choice but to pass on the variation (in benchmark cost) to the consumer". "The government has taxation handle," he added.

Fuel prices have been witnessing an upswing in the past month, leading to demands for a cut in excise duty. Earlier, Petroleum Minister Dharmendra Pradhan had said that the fuel prices had gone up because of a lower production in oil-producing nations in the wake of the coronavirus pandemic. Organization of the Petroleum Exporting Countries in a meeting on February 3 decided to go on with the output curbs. 
 

In January, state-owned fuel companies, including Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation resumed daily price revision after a almost a month-long break.