Fuel prices continued to soar on Sunday, with petrol breaching the Rs 90-mark barrier for the first time in Mumbai.
According to a price notification of state-owned fuel retailers, petrol price in Mumbai has touched Rs 90.08 per litre, while diesel is being retailed at Rs 78.58 per litre today.
Compared to Sunday’s prices, the price of petrol in Mumbai went up by 11 paise while that of diesel was hiked by 5 paise.
Meanwhile, the prices of petrol and diesel in New Delhi are Rs.82.72 per litre and Rs.74.02 per litre respectively.
While the Opposition has blamed the union government for neglecting and failing to curb fuel prices, which have been on the rise since mid-August, the latter has maintained that global crude oil prices and other international factors like the dip in rupee value against the US dollar have led to a hike in prices of petroleum products.
In India, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee.
Department of Economic Affairs Secretary Subhash Chandra Garg has also said that discussions are taking place with the United States regarding the reduction of oil imports from Iran.
Garg added that if needed, discussions will be held on trading of oil in terms of the Indian Rupee.
While some states like West Bengal and Karnataka have slashed the excise/cess on fuels to soften the blow, Maharashtra government is mulling over increasing duties on Indian-made foreign liquor (IMFL) to compensate for a reduction in the state-levied fuel tax.Back to latest news