Fuel prices go up again, petrol selling at Rs 88.26 a litre in Mumbai
Govt cuts retail price on petrol, diesel
Prices were on Tuesday increased by 14 paise. In Delhi, petrol is currently selling at Rs 80.87 a litre.
Petrol and diesel rates went up again on Tuesday, with the price of Petrol increasing by Rs 0.14 in both Delhi and Mumbai.
Petrol price touched Rs 80.87 per litre in Delhi and Rs 88.26 per litre in Mumbai, while diesel was retailing at Rs 72.97 per litre and Rs 77 47 per litre in Delhi and Mumbai, respectively.
The Centre on Monday ruled out a cut in taxes in fuel, saying that neither they nor some states had the appetite to stomach revenue loss from such a move, a top government official said Monday.
Fuel prices began an almost unbroken northward march since August 1. They fell only once on August 13 in the last 41 days. Prices surged on 29 days and remained unchanged on 11 days, and have been breaching record levels for more than a week now.
Sector experts say a weak rupee and high excise duty are major factors for the rise in fuel prices. The rupee on Monday touched an all-time low of Rs 72.67 against the US dollar.
Also, high global crude oil cost has become a major concern for the country which is a net importer of oil. The UK Brent crude oil price hovers around $77 per barrel.
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