The crude oil price has been surging unabatedly and in its correspondence petrol and diesel, the two prime fuels have also seen breaching new records every day. And setting new records, petrol prices in the financial capital of India, Mumbai has surged past Rs. 90 per litre mark for the first time on September 24, 2018.
Petrol in Mumbai is retailing for Rs. 90.08 while diesel is being sold for Rs. 78.58 per litre. This is on the sidelines of international crude selling higher at $79.74 per barre, up by 94 cents or 1.2%.
In the three other metros namely Delhi, Chennai and Kolkata, petrol is priced Rs. 82.72, Rs. 85.99 and Rs. 84.54 for a litre respectively. While the diesel prices have also risen to new highs of Rs 74.02 a litre, Rs 78.26 per litre and Rs 75.87 per litre, respectively.
The surge in fuel rates is amid declining currency, rising crude oil prices globally and a host of other material macro factors.
In its wake, West Bengal and Karnataka reduced excise and cess respectively by Rs. 1 per litre in WB and Rs. 2 litre both for petrol and diesel across the state.