Petrol hits all-time high of Rs 86.05 in Delhi, touches Rs 92.62 in Mumbai

Petrol prices in India touched new all-time highs after oil marketing companies increased rates on Tuesday after keeping them unchanged for two straight days. 

Petrol price soared by 35 paise to Rs 86.05 a litre in the national capital on Tuesday. This marks the highest ever price at which petrol has been sold in New Delhi, surpassing the earlier high of Rs 85.70 a litre that was recorded last week. Diesel inched up by 35 paise to Rs 76.23.

Fuel rates have climbed on the back of firm trend in prices of crude oil, according to Good Returns. The rupee has also moved lower against the US dollar, which has put pressure on petrol prices in New Delhi, making it more expensive than before, it said. 

Petrol prices in Mumbai stood at Rs 92.62 on Tuesday as compared with Rs 92.28 yesterday. One litre of diesel will cost Rs 83.03 in the city. In Chennai, petrol inched up 31 paise to sell at Rs 88.60. Diesel was retailing at Rs 81.47 in the city. 

In Bangalore, petrol and diesel prices surged by 36 paise and 37 paise respectively to Rs 88.95 and Rs 80.84. In Kolkata, the retail price of petrol price was increased by 34 paise to Rs 87.45 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. 

Fuel prices witnessed an uptick in the past week, 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.

Earlier this month, 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.