Fuel price hike: Petrol price hiked by 12 paise, touches Rs 80.50 in Delhi

Petrol and diesel prices touched a new high as oil marketing companies announced yet another hike on Sunday. With this hike, petrol price is up by 12 paise in Delhi and Mumbai.

Petrol now costs Rs 80.50 per litre in Delhi and Rs 87.89 per litre in Mumbai. 

Diesel prices also saw a similar increase. The key transportation fuel is now being sold at Rs 72.61 and Rs 77.09 in Delhi and Mumbai respectively. The price is around 10 paise higher than those on Saturday.

Petrol price crossed the Rs 80 mark in Delhi for the first time ever on Saturday. 

The continued increase in diesel and petrol costs is likely to make products and services such as transport, food, medical equipment and imported goods more expensive.

With fuel being the main input cost for the transport sector, rise in the cost of operations is a given. The sector is unsure on the extent of being able to pass this on through rentals or to absorb it with higher volumes. 

Opposition parties have called for a nation-wide 'Bharat Bandh' on Monday (September 10) to protest against the spiralling fuel prices.

The spike in prices has renewed calls for cut in excise duty but Finance Minister Arun Jaitley has remained non-committal, saying international oil prices are volatile and have not shown any linear movement.