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Fuel prices continue to soar, Petrol at Rs 91.20/litre in Mumbai

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Since mid-August, the petrol price has risen by Rs 6.59 a litre and diesel by Rs 6.37 - the most in any six weeks after the daily price revision was introduced in mid-June last year.

Fuel prices continue to soar, Petrol at Rs 91.20/litre in Mumbai
Fuel prices rose for the sixth consecutive day on Tuesday, with petrol prices reaching an all-time high of Rs 91.20 a litre and diesel prices touching Rs 79.89 a litre in Mumbai.
As per data from Indian Oil Corporation, in Delhi NCR, Chennai and Kolkata, the petrol prices were at Rs 83.85 per litre, Rs 87.18 per litre and Rs 85.65 per litre, respectively. Diesel prices in the three metros rose to Rs 75.25 a litre, Rs 79.57 per litre and Rs 77.10 per litre, respectively.
Since mid-August, the petrol price has risen by Rs 6.59 a litre and diesel by Rs 6.37 - the most in any six weeks after the daily price revision was introduced in mid-June last year. Various factors including rupee depreciation, high excise duty and rise in Brent crude oil rates have been blamed for the soaring domestic fuel prices.
Ahead of the US sanctions on Iran, which will come to effect from November 4, crude prices have been on an upward spiral with Brent prices reaching up to $80 a barrel.
Brent crude oil futures were trading at $85.05 per barrel at 0104 GMT, up 7 cents, or 0.1 percent, from their last close. That kept Brent near the $85.45 peak reached the previous session, its highest since November 2014.
In Punjab, fuel pump owners demanded that the Punjab government bring uniformity in value added tax (VAT) on petroleum products with other states in order to stop smuggling of fuel, as petrol prices crossed Rs 89 a litre mark in the state.
Around 1,200 petrol pumps across Jharkhand were closed for 12 hours on Monday following a strike called by the Jharkhand Petroleum Dealers Association (JPDA), demanding reduction of the value added tax (VAT) on petrol and diesel in the state.
Petrol pumps in the bordering areas were worst hit as people now prefer to purchase fuel from neighbouring West Bengal and Uttar Pradesh where VAT is less than that in the state, JPDA president Rajeev Singh claimed.
In Odisha, the ruling Biju Janata Dal (BJD) on Monday demanded the reduction of central excise duty on petrol and diesel keeping in mind the interests of people and immediate withdrawal of the hike in the price of fuel.
Stating that that there has been "abnormal increase" in petrol, diesel and cooking gas prices which affected the lives and livelihood of the people across the country including Odisha, the BJD said it has hit all sections of the society.
"Since the NDA government came to power, the prices of petrol and diesel have increased. There has been an increase of 111 percent in case of excise duty on petrol and an increase of 350 per cent in excise duty for diesel," the BJD said.
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