Petrol Price Crosses Rs 88-Mark In Delhi, Diesel Breaches Rs 85 In Mumbai

Petrol and diesel prices soared to record highs on Friday after rates were hiked for the fourth day in a row.

Petrol price was increased by 31 paise per litre and diesel by 35 paise a litre, according to a price notification of state-owned fuel retailers.

This took petrol price to an all-time high of Rs 88.14 a litre in Delhi and to Rs 94.64 in Mumbai. Diesel rates rose to Rs 78.38 per litre in the national capital and to an all-time high of Rs 85.32 in Mumbai.

In four days, prices have gone up by Rs 1.21 per litre for petrol, while diesel has risen by Rs 1.25 a litre.

Oil Minister Dharmendra Pradhan on Wednesday had told Parliament that the government is not considering a reduction in excise duty to cool rates from their record highs.

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.

Central and state taxes make up for over 61% of the retail selling price of petrol and about 56% of diesel.

Retail petrol rates have risen by Rs 18.57 per litre since mid-March 2020, after the government raised taxes by a record margin to mop up gains arising from fall in international oil prices.

Diesel rates have gone up by Rs 16.09.