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Fuel prices rise unabated, petrol nears Rs 90/litre in Mumbai

IANS  |  New Delhi 

The rise in domestic fuel prices continued unabated on Sunday, with the price of petrol nearing the psychological Rs 90 a litre mark in and the fuel selling at Rs 89.29 under the dynamic regime.

As per rates released daily by state-run Indian Oil Corp, the depreciating rupee and expensive further pushed petrol and diesel to new record highs on Sunday.

Petrol in Delhi, which is cheapest among the four metros due to lower taxes, rose to Rs 81.91 per litre on Sunday while it increased in and to Rs 83.76 and Rs 85.15 respectively.

Similarly, diesel prices rose on Sunday in and to Rs 73.72 and Rs 75.57 per litre respectively and climbed to Rs 77.94 and Rs 78.26 per litre in and respectively.

Fuel prices in the country have been going up almost daily since August 1. They fell only once on August 13 and have been on record levels for nearly two weeks now.

Sector experts say a weak rupee and high excise duty are major factors for the rise in fuel prices.

Inflationary risks along with broadly negative global cues depressed the Indian rupee to a new low of 72.74 on Tuesday.

Also, high global cost has become a major concern for the country, which imports over 80 per cent of its The UK Brent price hovers around $78 per barrel.

Since the start of the calendar year, the petrol price in has gone up by 15.4 per cent from Rs 69.97 on January 1, 2018. The hike in diesel price has been even more steep. It has gone up by 22 per cent since January 1 when it cost Rs 59.70.

Earlier this week, the government reduced the excise on petrol and diesel by Re 1 per litre each.

As per the country's mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the rupee.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, September 16 2018. 18:30 IST
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