Petrol price rises to Rs 89.97 in Mumbai

As transport fuel prices continued their upward run across metros, petrol was selling Rs 89.97 a litre in Mumbai on Sunday, just 3 paise short of Rs 90. The prices of diesel also continued to scale new highs on Sunday under India`s dynamic pricing regime, after remaining unchanged for four successive days. 

In the financial capital of the country, petrol went up 17 paise on Sunday, up from Rs 89.80 per litre on Saturday, data on the Indian Oil Corporation`s website showed. Similarly, in the other three cities of Delhi, Kolkata and Chennai, the fuel was priced at Rs 82.61, Rs 84.44 and Rs 85.87 per litre, respectively, as compared to Rs 82.44, Rs 84.27 and Rs 85.69.

Diesel prices in Delhi, Kolkata, Mumbai and Chennai rose by 10 paise a litre on Sunday to Rs 73.97, Rs 78.53, Rs 75.82 and Rs 78.20, respectively. Transport fuel prices are the lowest in Delhi owing to the lower taxes imposed by the state government. The continuous rise in transportation fuel prices has been in tandem with the increase in crude oil prices. Brent crude oil is currently priced at $78.80 per barrel.

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Latest available data from the Organisation of Petroleum Exporting Countries (OPEC) shows that its basket of crude oils sold at $77.13 per barrel on Thursday. Sector experts say the high excise duty in the country has also added to the high prices. Cost of fuel in all the key cities are at their record levels. On Sunday, Kolkata again reached its all-time high price of diesel at Rs 75.82 as recorded on September 11.

Earlier this week, the West Bengal government reduced the excise on petrol and diesel by Re 1 per litre each. The Karnataka government has also announced a reduction in cess on transport fuels by Rs 2 per litre each across the state, which has been effective from last Tuesday.