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Petrol prices now above Rs 84/litre in Mumbai, Rs 76 in Delhi

WION Web Team
New Delhi, Delhi, IndiaUpdated: May 20, 2018, 04:45 PM IST

File photo. Photograph:(Zee News Network)

Petrol price on Sunday touched a record high of Rs 76.24 per litre and diesel climbed to its highest ever level of Rs 67.57 as the oil public sector undertakings (PSUs) passed on four weeks of relentless rise in international oil prices to consumers. 

Petrol price today increased by 33 paisa a litre in Delhi —the highest since the daily price revision came into force in mid-June 2017, and diesel by 26 paisa, according to price notification issued by state-owned oil firms.

Rates vary from state to state depending on the incidence of local sales tax or value-added tax (VAT). Prices in Delhi are the cheapest in all metros and most state capitals.

With this increase, petrol has touched an all-time-high, breaching the previous high of Rs 76.06 touched in Delhi on September 14, 2013. Diesel rates are also at the all-time high level.

This is the seventh straight day of price increase since oil PSUs on May 14 resumed daily price revision after a 19-day pre-Karnataka poll hiatus. In all, petrol price has been raised by Rs 1.61 a litre and diesel by 1.64 in last one week.

In India, petrol is the costliest in Mumbai where high local taxes have led a price of Rs 84.07 per litre. Petrol has breached Rs 80 mark in Bhopal (Rs 81.83 a litre), Patna (Rs 81.73), Hyderabad (Rs 80.76) and Srinagar (Rs 80.35), according to the price notification.

Petrol in Kolkatta costs Rs 78.91 per litre while it is priced at Rs 79.13 in Chennai.

On Friday, Economic Affairs Secretary Subhash Chandra Garg refused to say if the government will cut excise duty on auto fuel to ease the burden on consumers.

The government is watching the situation developing from oil prices hitting $80 a barrel -- the highest since November 2014, and adequate steps will be taken, is all he said without elaborating.

Oil PSUs are estimated to have lost about Rs 5 billion (Rs 500 crore) on absorbing higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar during the nearly three-week hiatus.