New Delhi: The fuel prices on Wednesday went further up, with petrol being sold at Rs 71.27 per litre and diesel is at Rs 65.90 per litre in the national capital. In Mumbai, the prices of petrol and diesel are Rs 76.90 per litre and Rs 69.01 per litre respectively.
While petrol price increased by Rs 0.13, diesel price increased by Rs. 0.19 in Delhi. On the other hand, the petrol price in Mumbai increased by Rs. 0.13 while diesel price increased by Rs. 0.20.
The rise in prices comes amidst the revision of global crude oil prices owing to a possible stifling of supply in the near future. Fuel prices had touched its peak in India on October 4.
Prices had started to climb from August 16. Petrol in Delhi was priced at Rs 77.14 and in Mumbai at Rs 84.58 per litre on August 15. Diesel on that day was priced at Rs 68.72 per litre in Delhi and Rs 72.96 in Mumbai.
Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73. On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.
The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of the country's requirement is met through imports.
(With inputs from agencies)