As per report, the price of petrol nearing the psychological Rs 90 a litre mark in Mumbai with the fuel selling at Rs 89.44 under the dynamic pricing regime. Meanwhile as per rates released daily by state run Indian Oil Corp, the depreciating rupee and expensive crude oil further pushed petrol and diesel to new record highs on Monday.



Accordingly petrol in Delhi, which is cheapest among the four metros due to lower taxes, crossed Rs 82 on Monday, rising to Rs 82.06 per litre, while it increased in Kolkata and Chennai to Rs 83.91 and Rs 85.31, respectively. Furthermore diesel prices rose on Monday in Delhi and Kolkata to Rs 73.78 and Rs 75.63 per litre, respectively, and climbed to Rs 78 and Rs 78.33 per litre in Chennai and Mumbai, respectively. 

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Presently fuel prices in the country have been rising almost daily since August 1 and hence they fell only once on August 13 and have been on record levels for over two weeks now. Moreover sector experts say a weak rupee and high excise duty are major factors for the rise in fuel prices. Previously the West Bengal government reduced the excise on petrol and diesel by Re 1 per litre each and the Karnataka government announced on Monday that petrol and diesel will be cheaper by Rs 2 per litre each across the state from Tuesday following the reduction in cess on these fuels.


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