Azar Jammine, the chief economist at Econometrix, said he was fascinated to note that the petrol price was not going to increase this month, apart from the slight increase for the salaries of forecourt staff.
Diesel prices in the three cities were also raised today to Rs 75.74, Rs 74.19 and Rs 75.39 per litre, respectively.
The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹71.18 against the US dollar on Monday, compared to the previous close of ₹70.
Petrol is being sold Rs.0.31 higher at Rs 79.15 per litre, while diesel prices have been hiked by Rs.0.39 to Rs 71.15 per litre. Petrol hit Rs 86.72 per litre in Mumbai, an increase of 16 paise from its Monday's price.
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In Delhi, the fuel is cheapest among all metros and most state capitals in comparison to other cities due to lower sales tax or VAT. While petrol costs ₹86.72 a litre, diesel is priced at ₹75.74 a litre. 5 cents a litre, while the reference price of 95 octane unleaded petrol will top 1 euro 60 a litre.
Diesel rates had hit Rs 69.31 a litre on May 28, but this record was breached on August 27 and on Monday they hit a fresh high. "If taxes are cut, prices will decline significantly", Chidambaram said on Twitter. Rising fuel prices may also compel travel agents to increase rates by 10% for private cars/buses hired for picnics and weddings, sources said.
The spike in rates is on account of exchange rate falling to a record Rs 71 to a dollar, depreciating by Rs 2.5 in a month.
Also, crude oil has gained Dollars 7 a barrel in a fortnight, driven by fears that the United States sanctions on Iran will likely contract supplies.
According to South African Petroleum Industry Association, the petrol retail price is regulated by the government.