New Delhi: The prices of fuels went further up on Saturday with petrol prices breaching Rs 80 per litre mark in the national capital. In Delhi, the prices of petrol and diesel are Rs.80.38 per litre and Rs.72.51 per litre respectively.
The petrol price surged by 39 paise from 79.99 per litre and the hike in diesel price was 44 paise from Rs 72.07 per litre, according to the Indian Oil Corporation (IOC).
While petrol is being sold at Rs.87.77 per litre in Mumbai, diesel is at Rs 76.98 per litre.
Prices of non-branded petrol in metro-cities
Prices of non-branded diesel in metro-cities
(Source: Indian Oil) Prices may vary from outlet to outlet within a city
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.
The domestic fuel prices witnessed the steepest hike in the year so far with around 50-paise raise on Friday across the four metro cities.
Both petrol and diesel prices have been at their all-time high in the country for around a week now, due to increase in crude oil prices and depreciation in the rupee against the dollar. The weakening of the Indian rupee makes the import of crude oil expensive.
Among the domestic factors, high excise duty in the country is a major factor for high fuel prices, according to market observers.
In tandem with petrol prices, cost of the other key transportation fuel, diesel, also increased on Friday. In fact, the rise in diesel prices was above 50 paise per litre across the four major cities.
The rise in diesel prices attract concern as the fuel is used in the transportation of goods including agricultural products and high prices of the fuel may lead to higher inflation in the country.
(With inputs from IANS)