Petrol prices continue the upward march, soar to Rs 89.69 per litre in Mumbai; diesel prices unchanged
In the national capital, petrol was sold at Rs 82.32 per litre, up from Rs 82.22 per litre on Thursday, data on the Indian Oil Corp's website showed
Petrol prices climbed fresh highs on Friday across the country, while diesel prices were unchanged. In the national capital, petrol was sold at Rs 82.32 per litre, up from Rs 82.22 per litre on Thursday, data on the Indian Oil Corp's website showed. The price of petrol in Mumbai rose by 9 paise and currently stands at Rs 89.69 per litre.
Petrol prices are the highest in Parbhani district in Maharashtra where it is being retailed at Rs 91.47 per litre against Rs 91.35 yesterday. Diesel was sold at Rs 78.94 against Rs 78.91 per litre yesterday.
In Kolkata, petrol prices were up by 9 paise at Rs 84.16 against Rs 84.07 yesterday and by 10 paise in Chennai at Rs 85.58 per litre against Rs 85.48 per litre yesterday.
The cost of transportation fuel has been on the rise since 1 August, largely because of rising crude oil prices and the falling rupee. Depreciation in the Indian rupee against the US dollar makes the import of crude oil expensive as the transaction is done in dollars.
Sector experts feel that high excise duty in the country also pushed up price of petrol.
Diesel prices in Delhi, Kolkata, Mumbai and Chennai were unchanged at Rs 73.87, Rs 75.72, Rs 78.42 and Rs 78.10 per litre respectively.
The cost of petrol in all the metros except Kolkata is at record levels. The all-time high price of diesel in the West Bengal capital is Rs 75.82, recorded on 11 September.
The Maharashtra government is considering increasing excise duty on Indian-made foreign liquor (IMFL), so as to create some fiscal space for slashing the tax on petrol and diesel.
The duty on IMFL has not been reviewed since 2013, a senior official of the state excise department said on the condition of anonymity.
"The idea is to increase the excise duty on IMFL, especially on the largely consumed mid-segment liquors, so that government would earn more revenue. Then we can reduce taxes on petrol and diesel and counter the criticism (of soaring fuel prices), he said on Wednesday, IANS reported.
Petrol and diesel prices have been rising almost daily since mid-August, because of rising crude oil prices and a weak rupee.
Meanwhile, global oil prices were little changed on Friday after falling in the previous session as US President Donald Trump urged OPEC to lower crude prices at its meeting in Algeria this weekend, Reuters reported.
President Trump called on the Organization of the Petroleum Exporting Countries to lower prices, saying on Twitter "they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices."
OPEC and its allies are scheduled to meet on Sunday in Algeria to discuss how to allocate supply increases to offset a shortage of Iran supplies due to US sanctions.
The depreciation of the Indian rupee and other currencies is mainly due to the Russia-Ukraine war, which has led to a steep hike in the price of commodities
The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to USD 8.57 per million British thermal units from the current USD 6.1, according to an order from the oil ministry's Petroleum Planning and Analysis Cell
"Due to the Russia-Ukraine conflict, petrol prices doubled. We had pressure from where to buy the oil but PM Modi and government were of the view that we've to do what is best for our nation and if pressure comes then we should face it," the External Affairs Minister said at Vadodara, Gujarat