Marginal rise keeps petrol and diesel prices record high

The rise fuel prices continued unabated on Saturday as both petrol and diesel prices touched fresh highs in metros like Delhi and Mumbai.

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Although marginal, prices of petrol and diesel across the country rose once again on Sunday to ensure that there is no relief for the common man. While petrol price was hiked by 9 paise per litre, diesel prices rose by 16 paise per litre.

Prices of both petrol and diesel have been rising with each passing day and there is a possibility that it may hit a century by Diwali - especially in cities like Mumbai. Petrol price here on Sunday was at Rs 90.84 per litre while diesel was being bought at Rs 79.40. Delhi has only fared marginally better with the rates pegged at Rs 83.49 and Rs 74.79 per litre for the two fuels.

Despite the prices of petrol and diesel touching record highs with continuous hikes, the government has skirted questions on whether it is considering a tax cut on imported crude to bring down the prices.

At a press conference after GST Council meeting on Friday, Union Finance Minister was asked if the government was considering any relief measure to tackle the relentless rise in fuel prices. The Finance Minister skirted the question saying, “It was not in the agenda (of the GST council meet).”

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

Fuel prices have been witnessing a steep rise since the past few weeks. While the Opposition has repeatedly blamed the Union government for not doing enough to keep a check on prices, the latter has always maintained that global crude oil prices and other international factors are causing a hike in prices of petroleum products.