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Patrol, Diesel prices Touch All -Time High after 4th Increase in rates in a week

By Priyanka Verma 
Updated Date
Patrol, Diesel prices Touch All -Time High after 4th Increase in rates in a week

Petrol and diesel prices in the country have touched new all-time highs after rates were increased for the fourth time this week. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies.

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This took the petrol price in Delhi to Rs 85.70 per litre and in Mumbai to Rs 92.28.

Diesel rate climbed to Rs 75.88 a litre in the national capital and to Rs 82.66 per litre in Mumbai, the price data showed. This is the second consecutive day of rate increase and the fourth this week. In all prices have gone up by Re 1 per litre this week.

Fuel prices, which vary from state to state depending on local sales tax or VAT, are now at record highs in the country, prompting cries for a cut in excise duty to ease the burden on consumers.

Oil Minister Dharmendra Pradhan earlier this week blamed Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts. Top oil explorer Saudi Arabia has pledged additional voluntary output cuts of 1 million barrels per day in February and March, which has led to price climbing to most since the pandemic broke out.

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This time, there are no indications of a duty cut so far. Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.

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