Fuel prices continued their upward spiral on Thursday, with petrol touching fresh all-time high of Rs 90.35 a litre in Mumbai and diesel prices rose to Rs 78.82 a litre in the metro city.
In Delhi NCR, Chennai and Kolkata, the petrol prices were at Rs 83 per litre, Rs 86.28 per litre and Rs 84.82 per litre. Diesel prices in the three metros rose to Rs 74.24 a litre, Rs 78.49 per litre and Rs 76.09 per litre, respectively.
Ahead of the US sanctions, kicking in from November 4 on Iran, crude prices have been on an upward spiral with Brent prices reaching up to $80 a barrel.
Domestic fuel prices have been surging since mid-August due to various factors including rupee depreciation, high excise duty and rise in brent crude oil rates, which was up 70 cents, or 0.9 percent at $82.04 per barrel from its last close.
Even as petrol and diesel prices are scaling new highs every day, petroleum minister Dharmendra Pradhan on Wednesday said reducing taxes on these items will not have any lasting impact due to the continuing volatility in crude prices.
Since January 2018, crude has rallied over 30 percent, while the rupee has lost almost 15 percent. The country meets 82 percent of its oil demand through imports.
The minister, however, said higher prices is a matter of concern and government is finding ways to offer some relief to the public.
As per the country's pricing mechanism, the domestic fuel prices are dependent upon the international fuel prices on a 15-day average and the value of rupee.
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First Published: IST