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Fuel prices across India touched fresh highs on Friday as the petrol price was hiked by 48 paise and diesel price by 55 paise in Mumbai.
Petrol is selling at Rs 87.39/litre while the diesel is priced at Rs 76.51/litre in Mumbai, according to a price notification issued by Indian Oil Corporation.
Considering the fuel prices vary from state to state depending on local sales tax or value added tax, petrol and diesel prices rose by 48 paise and 52 paise, respectively, in the national capital. As per the IOCL website, petrol is selling at Rs 79.99/litre, while diesel price has been revised to Rs 72.07/litre in Delhi.
In Chennai, where the petrol prices have breached Rs80/litre mark, the petrol price touched fresh highs at Rs 83.13/litre on September 7. Similarly, diesel price was hiked 44 paise to Rs Rs 76.17/litre.
Petrol is selling at Rs 82.88/litre in Kolkata after a 47 paise hike on Friday. The cost of diesel increased 52 paise to Rs 74.92/litre.
Global oil prices also rose on Friday after US crude inventories fell to their lowest levels since February 2015, 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 last two days, there has been some moderation. For six days before that, there was again," Finance Minister Arun Jaitley had said on Wednesday.
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