- UPDATED: February 19, 2021 09:35 IST
Petrol and diesel prices soared to record highs on Friday after rates were hiked for the 11th day in a row.
In Delhi, petrol price was increased by 31 paise per litre and diesel by 33 paise a litre, according to news agency ANI. With this, the petrol price in Delhi has crossed the Rs 90-mark to settle at Rs 90.19 a litre, while diesel price has reached Rs 80.60 a litre.
Check the latest fuel prices in Indian cities:
|CITY||PETROL (per litre)||DIESEL(per litre)|
|Delhi||Rs 90.19||Rs 80.60|
|Mumbai||Rs 96.62||Rs 87.67|
|Chennai||Rs 92.25||Rs 85.63|
|Kolkata||Rs 91.41||Rs 84.19|
|Bengaluru||Rs 93.21||Rs 85.44|
|Jaipur||Rs 96.69||Rs 89.04|
|Bhopal||Rs 98.20||Rs 88.84|
After the price increase on Thursday, petrol in Delhi retailed at Rs 89.88 per litre and diesel Rs 80.27. In Mumbai, petrol price was Rs 96.32 a litre and diesel was priced at Rs 87.32 on Thursday.
Petrol price on Thursday crossed the Rs 100 per litre mark in Rajasthan and Madhya Pradesh.
While branded or additive-laced petrol, which attracts higher taxes, had crossed the Rs 100-mark in some places in states like Maharashtra, Madhya Pradesh and Rajasthan, regular petrol crossed the physiological mark in Sriganganagar town of Rajasthan on Wednesday, and on Thursday it went past that mark in Madhya Pradesh.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.
Why the rise in fuel prices?
International oil prices have been on the boil since Saudi Arabia pledged additional voluntary output cuts of 1 million barrels per day in February and March under a deal between the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as OPEC+.
This has resulted in oil prices rising to USD 63 per barrel, the highest level in more than a year.
Oil Minister Dharmendra Pradhan had on Wednesday blamed output cut by oil-producing nations for the rally in international oil prices that have translated into higher retail rates in India.
He urged Saudi Arabia and other global oil producers to ease production cuts, saying rising international oil prices are hurting economic recovery and demand.
Demand recovery should take “primacy” over oil prices at least for the next few months, he had said.
“The rising crude oil prices during the last few weeks is hurting the fragile global economic recovery due to significant demand contraction, which might even mirror the impact of COVID-19 in its initial stages,” Pradhan had said.
India, he said, had contained the inflationary pressures on several fronts but not those impacted by crude prices.
“The price-sensitive Indian consumers are affected by rising petroleum product prices. It also affects demand growth, which could potentially impact the delicate aspirational economic growth trajectory not just in India but in other developing countries as well,” he said.
PM Narendra Modi blamed India’s over 85 per cent import dependence for the “burden” the common man was facing.
Retail petrol rates have risen by over Rs 20 per litre since mid-March 2020, after the government raised taxes by a record margin to mop up gains arising from fall in international oil prices. Diesel rates have gone up by around Rs 18.