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Fuel price hike: Diesel crosses Rs 80 mark in Chennai, petrol nears Rs 89 in Mumbai

Petrol and diesel prices surged up again on Tuesday.

Fuel price hike: Diesel crosses Rs 80 mark in Chennai, petrol nears Rs 89 in Mumbai

Petrol and diesel prices surged up again on Tuesday. At Rs 80.04, diesel price stood the highest in Chennai among the four metros. 

Diesel prices also observed an upward surge in Delhi and Mumbai.

In Mumbai, diesel price stood at Rs 79.35 per litre after an increase of 24 paise. In the national capital, the fuel was being sold for Rs 75.69 per litre, after a hike of Rs 0.23.

Both Delhi and Mumbai witnessed a hike of 11 paisa in petrol price. In the national capital, the petrol price stood at Rs 82.83 per litre while in Mumbai, the fuel was being sold at Rs 88.29 per litre.

Prices of non-branded petrol in metro-cities

Cities (Rs/litre)
New Delhi 82.83
Kolkata 84.65
Mumbai 88.29
Chennai 86.10

Prices of non-branded diesel in metro-cities

Cities (Rs/litre)
New Delhi 75.69
Kolkata 77.54
Mumbai 79.35
Chennai 80.04

Source: IOCL website

Prime Minister Narendra Modi Monday warned oil producers like Saudi Arabia that high crude prices are hurting the global economy as be sought reasonable rates and a review of payment terms to provide a temporary relief to the local currency.

India, the world's third-biggest oil consumer, has been over the past two months battered by high crude oil prices that have sent retail petrol, diesel and LPG rates to record high, posed inflationary risks and together with a sliding rupee threatened to upset its current account deficit. Also, unrelenting fuel price rise since mid-August has negated cut in taxes and subsidy.

With Saudi Arabia Oil Minister Khalid A Al-Falih and a UAE minister listening, Modi at his third annual brainstorming with the chief executives of top global and Indian oil and gas companies underscored how crude oil prices at a four-year high were hurting global growth.

Sources privy to the deliberations said Modi also asked chief executives why no new investments in oil and gas exploration and production are coming to India despite the government implementing all the suggestions they made at the previous such meeting, sources said.

With agency inputs