Fuel prices after remaining steady for a day again rose to a record high on Thursday, with petrol and diesel retailing at Rs. 84 and Rs. 75.45 per litre in New Delhi, respectively. The fuel price rise continued in other metros too.
In Mumbai, petrol is priced at Rs. 91.34 per litre while diesel is being sold for Rs. 80.10 per litre. In Kolkata and Chennai, petrol prices surged by 15 paise in each of the cities to Rs 85.80 and Rs 87.33 per litre, respectively. On the other hand, price of diesel increased by 22 paise in Chennai to 79.79 per litre and in Kolkata it witnessed an increase of Rs 77.30 per litre.
The fuel prices over the past few weeks are rising continuously due to surging crude oil prices and weakness in the currency. But the increase in fuel price today comes even as oil prices have fallen from its four-year highs due to rising US inventories.
The domestic currency however continues its losing streak and weakens further to record a new low of 73.60 against the US dollar today.
Other than the rupee depreciation and increase in brent crude oil prices, high excise duty is also causing the domestic fuel prices to soar to new highs on a daily basis.