Fuel prices continue to climb, petrol in Mumbai nears Rs 90-mark

Sector experts feel that high excise duty in the country also aided the high prices.

Fuel prices continue to climb, petrol in Mumbai nears Rs 90-mark

New Delhi: The prices of fuel in major cities went further up on Saturday with petrol being sold at  Rs 82.44 per litre while diesel was at Rs 73.87 per litre in the national capital. In Mumbai, the prices of petrol and diesel are at Rs.89.80 per litre and Rs.78.42 per litre respectively, as per the data on the Indian Oil Corp's website.

While the prices of petrol and diesel in Kolkata is Rs 84.27 per litre and Rs 75.72 per litre repectively, in Chennai petrol is being sold at Rs 85.69 per litre and diesel at Rs 78.10 per litre.

Petrol prices in Mumbai inched up to the psychological Rs 90 a litre-mark and was sold at Rs 89.69 on Friday in Mumbai, even as the fuel climbed to fresh highs across the four metros, while diesel rates were unchanged for the third consecutive day.

The cost of transportation fuel has been on the rise since August 1, largely because of high crude oil prices and a falling rupee. Depreciation in the Indian rupee against the US dollar makes the import of crude oil expensive as transaction is done in dollars.

Inflationary risks along with broadly negative global cues depressed the Indian rupee to a new low of 72.91 against the US dollar on Tuesday.

Sector experts feel that high excise duty in the country also aided the high prices.

As per the country's pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the rupee.

(With inputs from IANS)

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