New Delhi | Jagran Business Desk: The unabated fuel price hike continued on Friday for the fourth consectuive day in a row with the petrol being sold at over Rs 88 per litre in the national capital for the first time ever. With the state-run oil marketing companies hiking prices in line with the global crude rates, diesel too reached a new high with a litre of it costing Rs 78.38. 

Petrol prices rose by 26-29 paise a litre while the diesel prices went up by 34-38 paise a litre across major cities of the country today. In the last 12 days, the price of petrol has gone up by Rs 4.13 a litre while that of diesel has gone up by Rs 4.26 in Delhi. Moreover, retail fuel prices have not seen a cut in almost 11 months. 

After Friday's price rise, a consumer in Mumbai has to pay Rs 94.64 per litre for petrol and Rs 85.32 per litre for diesel. In Kolkata, petrol is priced at Rs 89.44 a litre while diesel costs Rs 81.96 a litre.   

Oil Minister Dharmendra Pradhan on Wednesday had told Parliament that the government is not considering a reduction in excise duty to cool rates from their record highs.

Rates have risen as international oil prices touched USD 61 per barrel for the first time in more than a year on improving demand outlook amid the global rollout of COVID-19 vaccines, he had said.

Central and state taxes make up for over 61 per cent of the retail selling price of petrol and about 56 per cent of diesel.

Retail petrol rates have risen by Rs 18.50 per litre since mid-March 2020 after the government raised taxes by a record margin to mop up gains arising from fall in international oil prices. Diesel rates have gone up by more than Rs 16.

Posted By: Abhinav Gupta