Petrol price crosses Rs80 a litre in Mumbai as fuel price surge continues

Petrol prices crossed the Rs80-a-litre mark hitting Rs80.10 per litre in Mumbai as state-run oil marketing companies continued to raise fuel prices on a daily basis. Diesel in Mumbai retail outlets was selling at Rs67.10 today.

New Year surge in fuel prices continues in the country as the international crude oil prices rallied higher. Petrol price in Mumbai on Monday hit a high of Rs 80.10 per litre. While diesel price in Mumbai stood at Rs 67.10.

This is the first time since August 2014 that petrol price in Mumbai is touching Rs80.

Petroleum fuel prices have been on the boil in the New Year as international crude prices witnessed an upswing due to global geopolitical risks and higher demand, together with a cut in production by oil-producing countries.

Pric3es of both petrol and diesel have been on the rise for the last three weeks with prices rising almost on a daily basis.

In Delhi, the price of petrol touched Rs72.23 per litre and diesel Rs63.01 per litre.

While the government seems to be in no mood to relax excise duty on fuels, it is weighing the option of bringing petrol and diesel under the Goods and Services Tax (GST), which could bring down prices to some extent.

The government ended all price controls on petrol and diesel in July 2017 and allowed oil marketing companies to fix fuel prices based on market prices of crude oil. Ever since fuel prices have been rising on a daily basis.