Petrol prices breached the Rs 89-a-litre mark to touch an all-time high of Rs 89.29 in the national capital.
Petrol and diesel prices were hiked by 30 paise and 35 paise per litre each on Tuesday, according to a price notification from oil marketing companies. The diesel prices stood at Rs 79.70.
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 prices in Mumbai stood at Rs 95.75 on Tuesday as compared with Rs 95.46 yesterday. One litre of diesel will cost Rs 86.72 in the city. In Chennai, petrol inched up 26 paise to sell at Rs 91.45. Diesel was retailing at Rs 84.77 in the city.
In Bangalore, petrol and diesel prices surged by 31 paise and 37 paise respectively to Rs 92.28 and Rs 84.49. In Kolkata, the retail price of petrol price was increased by 29 paise to Rs 90.54 per litre.
On February 12, petrol prices had surpassed the Rs 88-a-litre mark to touch an all-time high in New Delhi.
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.