Petrol Price In Delhi Crosses Rs 90 Mark After 11th Consecutive Hike

On Friday, fuel prices hit new all-time highs in India after state-owned oil marketers increased rates for the eleventh straight day.

Petrol price in Delhi crossed the Rs 90 per litre mark for the first time ever after a hike of 31 paise. New highs were reached in other major cities as well with rates hitting Rs 91.41 per litre in Kolkata, Rs 96.62 in Mumbai and Rs 92.25 in Chennai.

Diesel rates per litre were raised by 33 paise to Rs 80.60 in New Delhi, Rs 84.19 in Kolkata, Rs 87.67 in Mumbai and Rs 85.63 in Chennai.

In the international market, oil prices subsided on Friday adding to overnight declines, on worries that refineries shut by a big freeze in the US will take some time to revive operations and dent crude demand.

After rallying to a 13-month high, Brent crude futures, the global benchmark for oil prices, dropped $1.07, or 1.7%, to $62.86 a barrel.

Fuel rates in India are revised on a daily basis based on changes in international oil prices as well as rupee's exchange rate. However, the difference in prices across states is due to local, state and central government taxes on petrol and diesel. A large percentage, that is up to 60%, of the retail price on petrol or diesel price paid by consumers in the country is just a form of central, state or local tax.