Petrol, diesel prices register all-time high after fourth increase in rates in a week

Fuel prices reached an all-time high on Saturday after rates were increased for the fourth time this week, reported PTI. Rates of petrol and diesel were increased by 25 paise for every litre.

The rise in rates took petrol prices in Delhi to Rs 85.70 per litre, and in Mumbai to Rs 92.28. Diesel prices rose to Rs 75.88 for each litre in the Capital, and in Mumbai it was priced at Rs 82.66 per litre.

In Kolkata, petrol will now be priced at Rs 87.11, and diesel at Rs 79.48 per litre while the rates were increased to Rs 88.29 for petrol, and Rs 81.14 for diesel, reported Hindustan Times.

This is the second straight day of increase in fuel prices, with overall rates going up by Re 1 for every litre this week.

Petrol prices breached the Rs 85 per litre-mark in Delhi for the first time on Tuesday. Diesel prices also neared an all-time high as fuel rates were increased for the second consecutive day.

Fuel prices, which are different in every state as it depends on local sales tax or value added tax, have hit record highs in India. This has prompted cries for a cut in excise duty to ease the burden on consumers. Earlier this week, Union Oil Minister Dharmendra Pradhan attributed the increases to the Saudi oil output cut, however, the government has remained silent on any tax cuts.

Meanwhile, Saudi Arabia vowed an additional voluntary output cut of 1 millions barrels every day in the months of February and March, which has pushed fuel rates to their highest in the country.

Fuel rates had last reached record highs on October 4, 2018.

The prices are revised regularly, in keeping with benchmark international prices and foreign exchange rates.

State-owned fuel retailers Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited had on January 6 resumed daily price revision after nearly a month-long hiatus.