Fuel prices to remain unchanged: Radebe

Petrol price,diesel price,petrol price today

Petrol price in Delhi rose to a record Rs 79.31 a litre and diesel climbed to an all-time high of Rs 71.34, renewing calls for a reduction in excise duty to cushion the spike. "The dual impact of rising oil prices and depreciating Rupee does not auger well for PSU (public sector unit) oil and gas companies as it will increase their regulatory risks", it said. In Kolkata, a litre of petrol cost Rs. 82.06, while in Chennai it was priced at Rs. 82.24.

On the other hand, the duty on diesel increased by more than 4 times from Rs 3.56 per litre to a high of Rs 17.33 per litre.

The government's decision to stop a full petrol price hike from taking place this month may come back to haunt consumers. A litre of petrol in Mumbai costs Rs 86.56 on Monday.

India imports about 80% of its crude oil, and the falling Indian rupee will make the imports costlier and lead to a rise in fuel prices.

Global crude oil price has been on a rise in the last few months and is hovering above $70 per barrel. Similarly, petrol is being sold for ₹82.41 per litre in Chennai and the diesel retail price is ₹75.39 per litre. On that day, the rate in Mumbai was Rs 86.24 per litre. "I would like to mention two points, and both these subjects are external".

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On Sunday, Union Petroleum and Natural Gas Minister Dharmendra Pradhan had blamed "external factors" for the rise in domestic prices of petrol and diesel, but said the increase is temporary. "Apart from that, crises in countries like Venezuela and Iran are increasing".

Despite the euro remaining strong against the dollar, it could not stop fuel from rising.

Fuel prices vary from state to state due to local levies. "Secondly, global currencies have weakened against the USA dollar", Pradhan had said in Surat.

However, the official said that reducing excise duty on fuel will massively widen the fiscal deficit.

Commenting on the relentless price rise, former finance minister P Chidambaram said: "Relentless rise in prices of petrol and diesel is not inevitable".

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