Fuel prices hit record in Delhi and Mumbai

Government pondering steps to keep petrol and diesel rates in check, oil minister says

Spiralling petrol prices touched record levels in Delhi and Mumbai yesterday, at Rs76.57 (Dh4.12) and Rs84.40 (Dh4.55) per litre respectively.

On Sunday, the fuel price breached the all-time high levels touched in 2013 and was priced at Rs76.24 and Rs84.07 per litre in both the cities.

Yesterday, in the other major cities such as Kolkata and Chennai, the price of the fuel rose to near five-year high levels, at Rs79.24 and Rs79.47 per litre.

According to observers, this rise in transportation fuel prices can be attributed to the recent surge in global crude oil prices and high excise duty in the country.

Yesterday, Brent crude oil was priced around $79 per barrel.

Diesel prices, which have already reached unprecedented levels, set new records across the country. In Delhi, Kolkata, Mumbai and Chennai, diesel was sold at Rs67.82, Rs70.37, Rs72.21 and Rs71.59 per litre, respectively.

India is looking at ways to keep rising fuel prices in check, its oil minister said yesterday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai.

Prices at the pump have

Rs76.57 price of petrol in New Delhi yesterday

Rs84.40 was price of a litre of petrol on the same day in Mumbai

surged on the back of rallying international markets for crude oil, which last week hit their strongest since late-2014 amid ongoing production cuts led by the Organisation of the Petroleum Exporting Countries (Opec).

“Various alternatives are being looked at,” Dharmendra Pradhan said in a televised speech, adding that he would “work out something soon”. He did not give details.

Call for duty cut

Opposition leaders have criticised the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world’s biggest economies.

India is particularly at risk from stronger global prices for crude oil as it is the No. 3 importer of the commodity, buying about 80 per cent of its oil needs.

Yesterday, industry lobby group FICCI called for an immediate cut in the excise duty on oil imports.