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Fuel prices witness sharp rise, continue upward trend for fifth straight day

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 witness sharp rise, continue upward trend for fifth straight day

New Delhi: Petrol and diesel prices continued their upward trend for the fifth straight day.

Petrol prices in the national capital on Monday witnessed a significant rise of 19 paise per litre while diesel became costlier by 26 paise per litre. Petrol in Delhi now costs Rs 71.14 against Rs 70.12 per litre (on Sunday) while diesel rate touched Rs 65.71 per litre as against Rs 65.45 per litre.

Similarly, petrol prices were in Mumbai were hiked by 19 paise to Rs 76.77, 18 paise to Rs 73.23 in Kolkata and 20 paise to Rs 73.85 in Chennai. Diesel prices in Mumbai was hiked by 28 paise to Rs 68.81 per litre, 26 paise in Kolkata to Rs 67.49 and 27 paise in Chennai to Rs 69.41 per litre.

The rise in prices comes amidst the revision of global crude oil prices owing to a possible stifling of supply in the near future.

Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

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 PTI  Inputs