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Fuel prices across touched fresh highs in Mumbai on Friday with the petrol price being hiked by 28 paise to Rs 88.67/litre and diesel price by 24 paise to Rs 77.82/litre in Mumbai.
Considering the fuel prices vary from state to state depending on local sales tax or value added tax, petrol and diesel prices rose by 28 paise and 22 paise, respectively, in the national capital. Petrol is selling at Rs 81.28/litre, while diesel price has been revised to Rs 73.30/litre in Delhi, according to a price notification issued by Indian Oil Corporation (IOC).
In Chennai, where the petrol prices are nearing Rs 85/litre-mark, the petrol price touched fresh highs at Rs 84.49/litre on September 14 after seeing a 30 paise hike. Similarly, diesel price was up 24 paise to Rs 77.49/litre.
Petrol is selling at Rs 83.14/litre in Kolkata after a 27 paise hike on Friday. The cost of diesel increased by 43 paise to Rs 75.36/litre.
Global oil prices fell more than 2 percent on September 13, with Brent slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens, reported Reuters.
Fuel prices have been on a rise since mid-August, rising almost every day due to a combination of a drop in the dollar-rupee and rise in crude oil prices. The Opposition has been calling for a cut in excise duty to cushion the spike in fuel prices.
However, the Centre remains non-committal on cutting excise duty, citing volatile international oil prices.
"There is no straight line movement in global crude oil prices. In April and May, there was a lot of pressure. In June, they came down. In July, they came down and in August, there is again (an upward) movement. In the last two days, there has been some moderation. For six days before that, there was again," Finance Minister Arun Jaitley had said on September 5.
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