India: Petrol, Diesel Prices Touch All-Time Highs; 4th Price Rise In Week
With fourth hike in a week, petrol, diesel prices touch all-time high in India
Petrol and diesel prices in the country have been on an increase since long now. With a fourth time hike in its rates this week, it has touched new all-time highs. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies.
This is the second consecutive day of a rate increase and the fourth this week. In all prices have gone up by Re 1 per litre this week.
Fuel prices are now at record highs in the country, prompting cries for a cut in excise duty to ease the burden on consumers. But the Oil Minister has blamed the Saudi Arabian oil output cut for the surge in oil prices. But he has also refrained from opening up on tax cuts.
This took the petrol price in Delhi to ₹ 85.70 per litre and in Mumbai to ₹ 92.28. Price for diesel climbed to ₹ 75.88 a litre in the national capital and to ₹ 82.66 per litre in Mumbai, the price data showed.
— Gopal Kavalireddi (@gvkreddi) January 23, 2021
This is not the first time the prices of petrol and diesel have risen. Fuel prices had last touched record high on October 4, 2018. To ease the burden of the consumer the government had cut excise duty on petrol and diesel by ₹ 1.50 per litre. But there has been no indication that the government is planning the same again.
Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.