New Delhi: The prices of petrol and diesel on Friday went further up, with petrol being sold at Rs 79.99 per litre while diesel at Rs 72.07 per litre in the national capital. In Mumbai, the prices of petrol and diesel are at Rs 87.39 per litre and Rs 76.51 per litre respectively.
The petrol price surged by 48 paise from 79.51 per litre and the hike in diesel price was 21 paise from Rs 71.55 per litre, according to the Indian Oil Corporation (IOC).
The surge in fuel prices is largely attributed to the rise in crude oil prices and high excise duty in the country. The recent slump in the rupee has also lifted the import cost of crude oil, subsequently affecting the fuel prices.
Fuel prices, after a day's halt, had resumed its northward march on Thursday. Petrol was sold at Rs 79.51 per litre while diesel at Rs 71.55 per litre in Delhi.
Finance Minister Arun Jaitley had on Wednesday said that there was no need for a 'knee-jerk' reaction to the rising prices of global crude oil.
"These are not situations which merit knee-jerk and panic reaction. There is no straight-line movement in global oil prices," Jaitley had said. He had added that crude oil prices edged higher in April and May whereas they calmed down in June and July.
However, since the start of the calendar year, the petrol price in Delhi has gone up by 13.6 per cent from Rs 69.97 on January 1, 2018. The hike in diesel price has been even steeper. It has gone up by 19.8 per cent since January 1, 2018, when it was Rs 59.70.
Recently, geo-political factors such as trade war fears, upcoming Iran sanctions and conflicts in the Middle East along with supply-side constraints have led to a sharp increase in global crude oil prices.
The rise in global crude oil prices pushes the domestic cost of petrol and diesel higher as the country is a net importer of crude oil.
(With inputs from agencies)