Petrol and diesel prices were increased again on Saturday, February 13, clocking an all-time high of Rs 88.41 a litre in Delhi, while diesel rates surged to Rs 78.74.
This is the fifth successive hike in fuel prices by state-run oil marketing companies. According to a notification by fuel retailers, petrol rate in the national capital was increased by 30 paise, from Rs 88.14 to Rs 88.44 per litre, whereas diesel price saw a hike of 36 paise from Rs 78.38 to Rs 78.74 per litre. Petrol and diesel rates in Mumbai neared a record Rs 94.93 and Rs 85.70 a litre.
In five days this week, prices have gone up by Rs 1.51 per litre for petrol, while diesel rate has risen by Rs 1.56 a litre.
The relentless hike in prices has been criticised by opposition parties, including Congress, which has demanded an immediate cut in taxes to ease the burden on the common man.
However, Oil Minister Dharmendra Pradhan on Wednesday told Parliament that the government is not considering a reduction in excise duty to cool rates from their record highs.
Rates have risen as international oil prices touched $61 per barrel for the first time in more than a year on improving demand outlook amid the global rollout of COVID-19 vaccines, he said.
Central and state taxes make up for over 61 per cent of the retail selling price of petrol and about 56 per cent of diesel.
The Union government levies Rs 32.9 per litre of excise duty on petrol and Rs 31.80 a litre on diesel.
Retail petrol rates have risen by Rs 18.87 per litre since mid-March 2020 after the government raised taxes by a record margin to mop up gains arising from a fall in international oil prices. Diesel rates have gone up by Rs 16.45.
(With inputs from PTI.)