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  1. Petrol prices soar to fresh record high, now above Rs 87 in Mumbai; check latest rates in metros

Petrol prices soar to fresh record high, now above Rs 87 in Mumbai; check latest rates in metros

One litre of petrol is now selling for Rs 87.39 in Mumbai, a hike of 48 paise from yesterday’s level.

By: | Updated: September 7, 2018 10:34 AM
In national capital Delhi, the price are just 1 paise shy of Rs 80, implying a hike of 49 paise.

Petrol prices continue to hit fresh record highs in quick succession, even as they were steeply raised on Friday. One litre of petrol is now selling for Rs 87.39 in Mumbai, a hike of 48 paise from yesterday’s level. In national capital Delhi, the price are just 1 paise shy of Rs 80, implying a hike of 49 paise. In case of Kolkata, one litre of petrol is retailing at Rs 86.41. In case of Chennai too, the prices have been hiked to Rs 83.13. The revised rates are applicable from 6 am on Friday. Petrol prices were on the rise for 10 consecutive days until Wednesday, when they remained unchanged. The prices were hiked again on Thursday and Friday.

Meanwhile, the opposition has called for a nationwide bandh on September 10 to protest against the Narendra Modi-led government for not taking action to ease the rising fuel prices. “The carelessness of the government has led to [fuel] prices increasing despite international prices going down…prices increased during [Congress-led] United Progressive Alliance time also, but we took measures to contain it and give relief to people,” Ashok Gehlot of AICC said.

“Relentless rise in prices of petrol and diesel is not inevitable. Because the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly,” former finance minister P Chidambaram had said on Twitter, earlier this week.

Oil prices were stable on Friday, as the market balanced a fall in U.S. crude inventories to the lowest levels since 2015, with  Sino-American trade tensions and economic weakness from emerging markets. U.S. West Texas Intermediate (WTI) crude futures were at $67.79 per barrel at 0303 GMT, up just 2 cents from their last settlement, Reuters reported.

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