Petrol price at an all-time high of Rs 89.54 in Delhi, diesel at Rs 79.95

Petrol price on Wednesday touched a record high of Rs 89.54 in the national capital, a day after breaching the Rs 89-a-litre mark.

Petrol and diesel prices were hiked by 25 paise per litre each on Wednesday, according to a price notification from oil marketing companies. The diesel prices stood at Rs 79.95. Yesterday, the petrol price topped the Rs 89-mark to touch an all-time high of Rs 89.29 in New Delhi.

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 price in Mumbai stood at Rs 96 on Wednesday as compared with Rs 95.75 yesterday. One litre of diesel will cost Rs 86.98 in the city. In Chennai, petrol inched up 16 paise to sell at Rs 91.68. Diesel was retailing at Rs 85.01 in the city.

In Bangalore, petrol and diesel prices inched up by 26 paise to Rs 92.54. In Kolkata, the retail price of petrol price was increased by 24 paise to Rs 90.78 per litre.

Auto fuel prices have zoomed in the first fortnight of February, touching record high levels across the country. The price of petrol rose from Rs 86.30 a litre on February 1 to Rs 88.99 a litre on Monday (February 15) in Delhi. Diesel prices have risen from Rs 76.48 a litre to 79.35 a litre during the same period in the national capital.

Fuel prices have been witnessing an upswing since January, 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.

Earlier, 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.

The upward streak, however, may end soon. Experts said that fresh lockdown in various parts of the globe on new coronavirus strain may impact demand and push down prices soon. Also, Saudi Arabia's unilateral production cuts may also be withdrawn post March putting downward pressure on oil prices.

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