Petrol crosses Rs 88-mark to hit record high in Delhi, diesel at Rs 78.38

Petrol prices in Mumbai stood at Rs 94.64 on Tuesday as compared with Rs 94.36 yesterday. One litre of diesel will cost Rs 85.32 in the city

Petrol prices breached the Rs 88-a-litre mark to touch an all-time high of Rs 88.14 in the national capital.

Petrol and diesel prices were hiked by 29 paise and 35 paise per litre each on Friday, according to a price notification from oil marketing companies. The diesel prices stood at Rs 78.38. 

Fuel prices, which vary from state to state depending on local sales tax or VAT, are now at a record high in the country, prompting calls for a cut in excise duty to ease the burden on consumers. Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates. 

Petrol prices in Mumbai stood at Rs 94.64 on Friday as compared with Rs 94.36 yesterday. One litre of diesel will cost Rs 85.32 in the city. In Chennai, petrol inched up 26 paise to sell at Rs 90.44. Diesel was retailing at Rs 83.52 in the city. 

In Bangalore, petrol and diesel prices surged by 31 paise and 37 paise respectively to Rs 91.09 and Rs 83.09. In Kolkata, the retail price of petrol price was increased by 28 paise to Rs 89.44 per litre.

On Tuesday, the petrol price had surpassed the Rs 87-a-litre mark to touch an all-time high of Rs 87.30 in the national capital.

Fuel prices have been witnessing an upswing since 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. 

On Wednesday, Pradhan ruled out any cut in excise duty, for now, to give relief to consumers from the spiralling retail prices of petrol and diesel which have touched all-time highs.

"There is no such proposal at present," he said in the Rajya Sabha when asked if the government was looking at cutting taxes to cool off prices. Rates have risen as international oil prices touched $61 per barrel for the first time in more than a year on improving demand outlook amid the global rollout of Covid-19 vaccines, he had said.