Fuel price hike: Petrol prices reach Rs 91.56/litre in Mumbai, new all-time high
Petrol prices across the country have breached new highs, with the retail price of petrol in Mumbai now at Rs 91.56 per litre. In other metros too, prices have hit new records with the fuel priced at Rs 84.95 per litre in Delhi, also an all-time high. Diesel is priced at Rs 81.87/litre in Mumbai and Rs 71.13/litre in Delhi.
These record highs have come after oil marketing companies increased prices between 24p to 27p across cities. This is the first big increase in fuel prices after a similar hike of 23p for petrol and 26p for diesel was announced on January 7. Petrol prices in Chennai and Kolkata are at Rs 87.64/litre and Rs 86.39/litre, while the price of diesel in Chennai is Rs 80.43/litre and Rs 78.72/litre in Kolkata.
Photo by sippakorn yamkasikorn on Unsplash
The last spurt in fuel prices has begun from November 20, after oil companies began a daily revision in fuel prices after a two-month gap. The prices of petrol had remained unchanged from September 22 and diesel from October 2 before this. It is estimated that fuel prices will set further records as these upward price revisions continue over the next few days.
The latest revisions in oil prices is a fallout of the sharp hike in Brent crude prices in global markets. Prices of the commodity have increased by 34 per cent between from USD 36.9 per barrel on October 30 to USD 49.5 on December 4, buoyed by the positive news of a COVID19 vaccine and the economic recovery that could bring with it. Further adding to these hikes are the higher rates of excise duty and various state-level taxes being charged on fuel.