Mumbai: Petrol and diesel prices hit an all-time high at Rs 86.56 and Rs 75.54 a litre respectively in Mumbai on Sunday, as oil marketing companies (OMCs) increased it for the eighth consecutive day.
The oil firms hiked petrol and diesel prices by 31 paise and 39 paise respectively. The selling price of petrol has been increased to ₹86.56 per litre in Mumbai, ₹78.84 in Delhi, ₹81.76 in Kolkata and ₹81.92 in Chennai, according to the daily price notification issued by the OMCs.
In the past five months, petrol and diesel prices have gone up by Rs 4.66 a litre and Rs 6.35 a litre. Petrol in Delhi was selling at Rs 78.52 per litre, nine paise higher than its previous record high of 78.43 on May 29 this year. In Kolkata, Mumbai and Chennai, petrol prices stood at Rs 81.44, Rs 85.93, Rs 81.58 per litre respectively.
The petrol prices on May 29 in Delhi, Kolkata, Mumbai and Chennai were Rs 78.43, Rs 81.06, Rs 86.24 and Rs 81.43 respectively.
Only in Mumbai did this key transportation fuel remain below its previous high of Rs 86.24 on May 29. In Delhi, diesel was priced at Rs 70.21 per litre. In the other key metros of Kolkata, Mumbai and Chennai, the fuel was sold for Rs 73.06, Rs 74.54 and Rs 74.18 respectively.
The rise in petrol and diesel prices, that surpassed previous highs across metros on Sunday, gains significance as it is mostly used in vehicles for transportation of food and agricultural products, which could lead to higher inflation.
"Such a situation has arisen due to the rise in crude oil price in international market and devaluation of Indian rupee against US Dollar. The government is concerned about it," oil minister Dharmendra Pradhan has said.
The appreciation of dollar against rupee has also pushed up rates for compressed natural gas (CNG) as well as piped natural gas (PNG) since the price of gas procured by city distributors is mostly dollar-denominated.