Fuel prices continue to surge on Tuesday
Fuel prices continued to rise across metro cities in the country on Tuesday, as petrol was being sold at Rs 82.86 per litre in Delhi, while it was priced at Rs 90.22 per litre in Mumbai. The prices of diesel also continued to scale new highs under India's dynamic pricing regime, as it was priced at Rs 74.12 per litre in Delhi and for Rs 78.69 per litre in Mumbai.
Spiralling fuel prices continued their upward march even on Monday as petrol price in Mumbai crossed the landmark level of Rs 90 per litre. Diesel prices had also hit new highs for the second consecutive day.
According to the data available on the website of Indian Oil Corporation, petrol was sold at Rs 90.08 per litre in country's financial capital Mumbai, up from Rs 89.97 on Sunday.
In the other key cities of Delhi, Kolkata and Chennai, the fuel was priced at Rs 82.72, Rs 84.54 and Rs 85.99, respectively, against the previous levels of Rs 82.61, Rs 84.44 and Rs 85.87 per litre.
The recent surge in transportation fuel prices comes amid increasing crude oil prices. On Monday, the price of Brent crude oil crossed the $80-per-barrel mark.
Owing to the lower taxes imposed by the state government, the transport fuel prices are lowest in Delhi.
The continuous rise in transportation fuel prices has been in tandem with the increase in crude oil prices. Brent crude oil is currently priced at $78.80 per barrel.
High excise duty in the country also added to the high prices of fuel, sector experts said.
The excise on petrol and diesel were reduced by Re 1 per litre each by the West Bengal government earlier this week.
Effective last Tuesday, the Karnataka government had also announced a reduction in cess on transport fuels by Rs 2 per litre each across the state.
