Petrol & diesel prices reached a record

Petrol and diesel prices reached a new record level on Friday after oil marketing companies (OMCs) hiked fuel rates by around 50 paise per litre the steepest increase in rates since daily price revision came into effect over 14 months back — across four metros cities.

According to price notification of state-owned fuel retailers, petrol is selling at a price of Rs. 79.99 per litre in Delhi. A litre of petrol is retailing at Rs. 87.39 in Mumbai, Rs. 83.13 in Chennai and Rs. 82.88 in Kolkata. Diesel can be purchased today at a price of Rs. 72.07 per litre in Delhi.

Diesel is vending at Rs. 76.51 per litre in Mumbai, Rs. 76.17 per litre in Chennai and Rs. 74.92 per litre in Kolkata. The government will not cut excise duty on petrol and diesel to cushion spiralling prices, as it has limited fiscal space available to take any dent in revenue collections.