India's diesel consumption to hit record high ahead of 2019 Lok Sabha polls

Diesel consumption also faces increasing competition from electric vehicles.

India's diesel consumption may rise to a record this year on increasing infrastructure spending by the current government as it tries to hold off challengers in general elections that will be held over April and May.

Surging diesel consumption in India, the world's third-largest oil user, underscores the country's importance as a driver of global oil demand. Amid increasing concerns that crude demand growth may slip in 2019 because of slowing economic growth, India's burgeoning fuel consumption may help underpin oil and fuel prices.

Analysts at Fitch Solutions and consultants Wood Mackenzie forecast India's diesel demand to rise in 2019 by 5.7 percent and 6.4 percent, respectively, from 2018. The country consumed a record 6.9 million tonnes of diesel a month in 2018, or about 1.7 million barrels per day (bpd), data from the Ministry of Petroleum showed.

"There is strong energy demand which is bound to happen because of different sectors... We are a diesel driven economy," said Sanjiv Singh, chairman of Indian Oil Corp, the country's top refiner.

"The bottom-line remains that energy demand is bound to grow. We're seeing GDP at more than 7 percent, (and) ... a lot of urbanization," Singh added.

ALSO READ: 38 more cities to get diesel at doorstep as 3 OMCs plan to extend service

India's economy is expected to grow by 7.2 percent in the 2018/2019 financial year, which runs from April to March, versus 6.7 percent the previous year, according to government data.

"Tied to a constructive GDP outlook - and alongside the country's positive demographics, low vehicle penetration and loose monetary policy - is our forecast for rapid growth in vehicle sales, which again will be positive for diesel," said Peter Lee, an analyst at Fitch Solutions, adding that diesel cars account for nearly a quarter of new vehicles in India.

According to 2015 data, the latest available, from the International Organization of Motor Vehicle Manufacturers, India held 22 cars per 1,000 people versus 821 cars per 1,000 people in the United States.

Business Standard

Relief as fuel prices continue to fall; Petrol below Rs 80-mark in Mumbai

Petrol prices declined to Rs 79.12 (decrease by 50 paise) per litre in Mumbai.

The prices of key transport fuels -- petrol and diesel -- continued to dive significantly on Wednesday thanks to lower global crude oil prices.

Petrol price decreased by 50 -paise across major cities while diesel too continued the downward trend.

According to the Indian Oil Corp data, petrol was priced at Rs 73.57 (a fall of 50 paise) per litre in the national capital on Wednesday.

Petrol prices declined to Rs 79.12 (a fall of 50 paise) per litre in Mumbai, Rs 75.57 (a fall of 50 paise) in Kolkata and Rs 76.35 (a fall of 50 paise) in Chennai on Wednesday.

The price of diesel too continued to follow the downward trend.

The price of diesel in Mumbai was down at Rs 71.71 (a fall of 40 paise) per litre. Similarly, prices of diesel in Delhi, Kolkata and Chennai declined to Rs 68.49 (a fall of 50 paise) per litre, Rs 70.34 (a fall of 50 paise) and Rs 72.34 (a fall of 12 paise) a litre respectively.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

Brent crude prices on Monday closed at $59.2 per barrel, a 13-month low

Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. Delhi has the lowest tax rate among the four metros.

The United States recently softened its stand on Iran's sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.

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Fuel continues to slide; petrol dips by at least 40 paise in metro cities

After the revision of the prices, petrol in Delhi is being sold at Rs 75. 97 per litre, while diesel costs Rs 70.97 per litre.

In a relief to the consumers, fuel prices were again slashed up to 43 paise per litre on Thursday, owing to a reduction in the rates of crude oil in the global market.

The petrol price was reduced by 40 paise to 43 paise per litre in all four metro cities, while the rate of diesel has witnessed a dip of 30 to 48 paise per litre.

After the revision of the prices, petrol in Delhi is being sold at Rs 75. 97 per litre, while diesel costs Rs 70.97 per litre. In Mumbai, petrol is being retailed at Rs 81. 50 per litre and diesel at Rs 74.34 litre.

Similarly in Chennai and Kolkata petrol after the revision of price costs Rs 78.88 per litre and Rs 79.31 per litre respectively.

The dip in fuel price come after the United States recently softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily. 

These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.... Read More

Business Standard

Petrol, diesel prices remain unchanged after dropping for consecutive days

According to the Indian Oil Corp data, petrol was priced at Rs 76.38 per litre in the national capital on Wednesday.

The prices of key transport fuels -- petrol and diesel -- remained unchanged on Wednesday after continuing to fall for consecutive days thanks to lower global crude oil prices.

According to the Indian Oil Corp data, petrol was priced at Rs 76.38 per litre in the national capital on Wednesday.

Petrol prices declined to Rs 81.90 per litre in Mumbai, Rs 78.33 in Kolkata and Rs 79.31 in Chennai on Wednesday.

In tandem with petrol, the cost of diesel too remained unchanged on Wednesday across the four metros.

The price of diesel in Mumbai was down at Rs 74.66 per litre. Similarly, prices of diesel in Delhi, Kolkata and Chennai declined to Rs 71.27 per litre, Rs 73.13 and Rs 75.31 a litre respectively.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. Delhi has the lowest tax rate among the four metros.

The United States recently softened its stand on Iran's sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.

Business Standard

Fuel price today: With back to back cuts, petrol falls to Rs 79.18 in Delh

After remaining unchanged on Wednesday, petrol prices have been cut for two consecutive days in Delhi, Mumbai, Chennai and Kolkata.

Oil marketing companies on Friday reduced petrol and diesel prices across the country. While petrol prices were cut by around 18 paise, diesel prices have been reduced by 14 paise.

According to the revised prices issued by Indian Oil, petrol now costs Rs 79.18 in Delhi, Rs 84.68 in Mumbai, Rs 81.08 in Kolkata and Rs 82.26 in Chennai.

After the revision, diesel price has fallen below Rs 78-mark in Chennai. The fuel is being retailed at 77.85 per litre in the city.

In Delhi, Mumbai and Kolkata, diesel now costs Rs 73.64, Rs 77.18 and Rs 75.50, respectively.

Fuel prices are on a downslide since the last few weeks.

After remaining unchanged for a day on Wednesday, petrol prices were reduced by 18 paise across major cities.

Read Full Coverage Fuel Prices

The consecutive cuts in fuel prices came after petrol and diesel prices touched record high levels across the country.

On October 4, petrol had surged to a record high of Rs 84 and diesel had gone up to Rs 75.45 in Delhi.

However, LPG price has continued to surge.

From Thursday, price of non-subsidised LPG cooking gas has gone up by Rs 60 per cylinder in New Delhi and that of subsidised one by a marginal Rs 2.94.

Effectively, the price of a subsidised cylinder will increase to Rs 505.34 from November 1 from Rs 502.40 per cylinder in October.

According to the Indian Oil Corporation, the increase in prices of non-subsidised LPG cylinder is mainly due to changes in international prices and foreign exchange fluctuations.

Business Standard

Fuel prices continue to drop for 13th day, petrol at Rs 79.55/ltr in Delhi

In 13 straight cuts, petrol price has been reduced by Rs 3.28 per litre and diesel by Rs 1.84 a litre in Delhi.

Prices of the key transportation fuels - petrol and diesel - were cut for the 13th straight day on Tuesday over softening international oil prices.

Petrol price is down 20 paise per litre in major cities.

In New Delhi, petrol now costs Rs 79.55 a litre against Monday's rate of Rs 79.75.

According to a price notification issued by state-owned oil firms, petrol is now being retailed at Rs 85.04 in Mumbai, Rs 82.65 in Chennai and Rs 81.43 in Kolkata.

In 13 straight cuts, petrol price has been reduced by Rs 3.28 per litre and diesel by Rs 1.84 a litre in Delhi.

In tandem with petrol, diesel prices is down by around 7 and 8 paise in major cities. The price of diesel in Mumbai is down at Rs 77.32 per litre.

Similarly, prices of diesel in Delhi, Kolkata and Chennai declined to Rs 73.78, Rs 75.63 and Rs 78.0 a litre respectively.

The consecutive cuts in fuel prices come on the back of falling international oil prices and appreciation in rupee.

Before fuel rates started falling on October 18, petrol and diesel prices had touched unprecedented levels across the country.

While petrol touched a record high of Rs 84 per litre, diesel prices went up to Rs 75.45 a litre in Delhi on October 4. On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise by another Re 1 a litre by reducing their margins.

But as the international oil prices continued to rise, the price of petrol and diesel in Delhi increased to Rs 82.83 per litre and Rs 75.69 per litre by October 16. But beginning October 18, international oil prices have been falling and the rupee has also appreciated.

The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of the country's requirement is met through imports.

Business Standard

Fuel price hike takes away speed from SUVs; growth of domestic sales slows

Domestic sales growth fall to a single digit after two years.

Sports Utility Vehicles (SUVs) have been the flavour of the Indian car market for the last couple of years. They grew at a strong double-digit and were the fastest growing segment in the domestic passenger vehicle (cars, utility vehicles and vans) market for the last two years. Things are no longer the same. UVs or utility vehicles are now the slowest growing segment of the PV market, visibly impacted by a sharp surge in fuel prices. Most of the UVs run on diesel where the price hike has been sharper to petrol.

In the first half (H1) of the financial year 2019, UVs have grown by just 5.4 per cent compared to 6.8 per cent growth in cars and 14.5 per cent growth in vans. In the comparable period of FY18, SUV had surged 18 per cent while cars and vans had grown at 6.6 and 2.5 per cent, respectively. SUVs and multi-purpose vehicles (MPV) are the two sub-segments of UVs. The emergence of more affordable compact SUVs in recent years helped expand the total UV market.

A total of 1.16 million cars have been sold in the domestic market during H1. The volume of UVs, the second biggest sub-segment of the PV market, stood at 464,419 units. A total of 110,389 vans were sold in the same period.

“When fuel prices rise the SUVs are impacted. People were upgrading from hatches to compact SUV but these buyers now realise that fuel price is an issue. Compact SUV segment is seeing a muted growth now,” said Mayank Pareek, president of passenger vehicle business at Tata Motors.

Petrol price has climbed more than 18 per cent since January this year to Rs 82.72 per litre in the capital. However, the price increase in diesel has been steeper at 26 per cent to Rs 75.38 litre. About 84 per cent of the current UV sales are in diesel variants and therefore the impact on driving cost of these vehicles is higher than the petrol run cars. In cars, only 23 per cent of sales are in diesel variants.

Take the case of Maruti Suzuki Vitara Brezza, the most sold SUV in domestic market. Brezza’s sales expanded six per cent to 64,612 units in April-August period of FY19. In April-August of FY18, the volume had surged 47 per cent to 60,960 units.

The company said Brezza continues to grow at a healthy pace even on a large base of last year. “Maruti Suzuki’s foray into the popular UV segment began with Vitara Brezza and S-Cross. These products created disruption in the compact SUV market. Vitara Brezza continues to be the most loved SUV despite several new entrants into the segment. The testimony to it is the double-digit growth in its average monthly sales in consecutive years,” said R S Kalsi, senior executive director (Marketing and Sales) at Maruti Suzuki.

Mahindra & Mahindra, which gets bulk of its PV sales in SUVs, has seen a flat performance in domestic sales during H1. It is the only player in the list of top five which also includes Maruti Suzuki, Hyundai, Tata Motors and Honda to have not grown this year. Sales of its Scorpio, its popular SUV declined 11 per cent to 18,937 units in April-August period of FY19.

For Tata Motors, sales of the Hexa SUV slipped 31 per cent to 5,769 units. Pareek, however, said Hexa had a purpose and it served that. “We are building a big portfolio of SUVs. We wanted a product to learn more about the segment. We had a large SUV portfolio in the past. But then there was a gap for long time and our knowledge was not contemporary. Hexa helped us understand the market”, he added. Business Standard

Fuel prices rise again: Diesel crosses 78-mark in Mumbai, petrol at Rs 87.8

In Delhi, petrol is being retailed at Rs 82.36 per litre, up from Rs 82.26 on Wednesday.

Fuel prices were raised across the country on Thursday. While petrol prices were increased by around 10 paise, diesel prices were hiked by around 28 paise in the four metro cities of Delhi, Mumbai, Chennai and Kolkata.

In Delhi, petrol is being retailed at Rs 82.36 per litre, up from Rs 82.26 on Wednesday. With a 27 paise hike, diesel is priced at Rs 74.62 per litre.

After the revision, petrol is being sold at Rs 87.82 in Mumbai, Rs 85.61 in Chennai and Rs 84.19 in Kolkata.

Cost of diesel in Mumbai, Kolkata and Chennai is at Rs 78.22, Rs 76.47 and Rs 78.90 per litre, respectively.

Last week, Finance Minister Arun Jaitley had announced a cut of Rs 2.50 per litre on both petrol and diesel prices.

Most states, including Gujarat, Chhattisgarh, Bihar, Uttar Pradesh, Tripura, Jammu and Kashmir, Himachal Pradesh, Assam and Jharkhand, had also announced a cut in taxes.

On Thursday, Meghalaya became the latest state to announce a reduction in petrol and diesel prices. The state government has reduced fuel prices by Rs 2.50 per litre.

However, the relief may be short-lived as fuel prices are slowly going back to the previous levels. Since the Centre announced the cut, petrol and diesel prices have gone up everyday, except for Wednesday when petrol prices were kept unchanged.

Business Standard

Fuel rate cut came 'too late', govt mopped up Rs 1 trn so far: Shiv Sena

The decision by the Centre and the Maharashtra government to reduce fuel prices has come too late, said Shiv Sena.

The reduction in fuel prices had come "too late", the Shiv Sena said Friday and claimed that the Centre had mopped up Rs 1 trillion per day when the rates of petrol and diesel were being increased daily.

It also slammed Maharashtra Chief Minister Devendra Fadnavis for his reported remark that he was "ready to mortgage the state in Dr B R Ambedkar's service".

The government Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices by reducing excise duty and asking PSU oil firms to take a hit of Rs 90 billion, a step that was matched by BJP-ruled states by slashing VAT so as to double the reduction in retail rates.

"The decision by the Centre and the Maharashtra government to reduce fuel prices has come too late. The increase in fuel prices daily in the past has led to a deposit of Rs 1 trillion everyday in the country's coffer," the Sena said in an editorial in its mouthpiece Saamana.

ALSO READ: Modi govt blinks, reduces petrol and diesel prices by Rs 2.5 a litre

If the Centre grants Rs 50 billion to Rs 100 billion out of the mopped up funds for the memorial of Maratha warrior king Chhatrapati Shivaji and Dr B R Ambedkar, the chief minister would not have to mortgage the state, it said in a broadside against Fadnavis.

During the foundation day of the Ramdas Athawale-led Republican Party of India (A) in Thane on Wednesday, Fadnavis reportedly said the Congress built statues of (former prime ministers) Indira Gandhi and Rajiv Gandhi but did not care to give due respect to Ambedkar and build his memorial.

Fadnavis said Ambedkar represented social justice, equality and humanity, and that he was "ready to mortgage the state" in service of the architect of the Constitution.

Reacting to his remark, the Uddhav Thackeray-led party demanded that the government cut down on spending thousands of crores on advertisements. It also asked why the money "used by BJP to win elections" could not be used for the memorial, instead of mortgaging the state.

"Had Babasaheb Ambedkar been alive today, he would have lifted a lathi (stick) against those in power who are talking about mortgaging the state. At least they have now conceded that the state's economical condition is weak and festivals are celebrated with borrowed money," it said.

              

"It is surprising to see the rain of announcements at a time when the state's coffers are empty," said the Sena, which is an ally of the BJP at the Centre and in Maharashtra.

Business Standard

Petrol, diesel prices unchanged: Check today's rates in Delhi, Mumbai

Petrol and diesel prices have been witnessing a steep rise since the past few weeks.

Petrol and diesel prices were kept unchanged on Wednesday after reaching record levels in the last few days continuously.

As the fuel prices are same as on Tuesday, a litre of petrol continues to cost Rs 90.22 in Mumbai and Rs 82.86 in Delhi. Similarly, diesel continues to be retailed at Rs 74.12 per litre in Delhi and Rs 78.69 per litre in Mumbai.

Keeping the people's suffering in mind, the West Bengal government on September 11 reduced the excise on petrol and diesel by Re 1 per litre each last week. Later, the Karnataka government had also declared that the petrol and diesel prices across the state would be cheaper by Rs 2 per litre each, following the reduction in cess on these fuels.

As per India's pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee.

Fuel prices have been witnessing a steep rise since the past few weeks. While the Opposition has repeatedly blamed the Union government for not doing enough to keep a check on prices, the latter has always maintained that global crude oil prices and other international factors are causing a hike in prices of petroleum products....Read More

Business Standard

Fuel prices raised again: Petrol at Rs 90.22 in Mumbai, Rs 82.86 in Delhi

Business Standard : The price of diesel also rose in tandem with petrol; it is now being sold at Rs 74.12 a litre in Delhi.

Petrol and diesel prices continued their upward march on Tuesday to touch a new high in many cities across the country.

A day after touching the Rs 90 mark in Mumbai, petrol was up by 14 paise in Delhi and Mumbai to be priced at Rs 82.86 and Rs 90.22 per litre, respectively.

The price of diesel also saw a similar hike and it is now being sold at Rs 74.12 per litre in Delhi. In Mumbai, the fuel is priced at Rs 78.69 per litre.

The Opposition on Monday continued its protest against rising fuel prices. As petrol prices hit the Rs 90-a-litre mark in Mumbai, the Maharashtra Congress held a protest in the city asking Chief Minister Devendra Fadanvis to bring down taxes in the state.

"States like Andhra Pradesh, Karnataka, West Bengal and Rajasthan have already reduced taxes on fuel. Why can Chief Minister Devendra Fadnavis not follow suit and reduce people's misery," city party President Sanjay Nirupam said.

He pointed out that the direct consequence was the galloping inflation, with prices of FMCGs, fruit and vegetables, oils and electrical items shooting up at the height of the festival season.

Fuel prices in India are revised daily, mainly on the basis of oil prices in the international market.

On Monday, crude oil prices jumped more than 2 per cent to a four-year high after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by US President Donald Trump for action to raise global supply.

Benchmark Brent crude hit its highest since November 2014 at $80.94 per barrel, up $2.14 or 2.7 per cent.

Petrol and Diesel Price Hike: After six days of consecutive hikes, rising fuel prices come to a halt

West Bengal Chief Minister Mamata Banerjee on Tuesday announced that her government will reduce the state tax on petrol and diesel by Re 1 per litre.

It was on Wednesday last week (September 5) that petrol and diesel prices did not see a hike after a back to back increase since August 26. From September 6 onwards, fuel prices continued with the upward run on a daily basis and again it's on Wednesday today that Petrol and diesel prices have come to a halt after six days of a continuous hike.

Petrol costs Rs 80.87/litre in Delhi and Rs 88.26/litre in Mumbai, Rs 88.26/litre in Kolkata and Rs 84.05/litre in Chennai.

Similarly, diesel remains at Rs 72.97/litre in Delhi, Rs 75.82/litre in Kolkata, Rs 77.47/litre in Mumbai and Rs 77.13/ litre in Chennai as September 12.

Petrol prices on Tuesday had touched Rs 90.11 per litre in Maharashtra's Parbhani. Diesel prices had also increased from Rs 77.92 on Monday to Rs 78.06 on Tuesday.

At least 20 Opposition parties led by Congress staged a Bharat Bandh across the country on Monday to protest against the rising fuel prices and falling value of the rupee.

ALSO READ: Fuel on Fire: Indian states make a killing on taxes as citizens suffer

Opposition parties like the Janata Dal-Secular (JD-S), Samajwadi Party (SP), Bahujan Samaj Party (BSP), Dravida Munnetra Kazhagam (DMK), Rashtriya Janata Dal (RJD), Nationalist Congress Party (NCP) and Maharashtra Navanirman Sena (MNS), led by the Congress party, took part in the protests. Left parties staged a separate shutdown of their own.

Other parties such as Trinamool Congress, Aam Admi Party and Biju Janata Dal voiced their concerns over the price hike, however, they stayed away from the street protests called by the Congress.

Meanwhile, Rajasthan government announced a 4 per cent cut in the state VAT on petrol and diesel on Sunday to reduce their prices by Rs 2.5 per litre in the state, while Andhra Pradesh government on Monday announced a reduction of tax on petrol and diesel by Rs 2 a litre, to reduce the burden on common caused by zooming fuel prices. Similarly, West Bengal Chief Minister Mamata Banerjee on Tuesday announced that her government will reduce the state tax on petrol and diesel by Re 1 per litre.

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Petrol at Rs 80.87, diesel at Rs 72.97 in Delhi after a 14 paise hike today

At least 20 Opposition parties led by Congress staged a Bharat Bandh across the country on Monday to protest against the rising fuel prices and falling value of the rupee.

Petrol and diesel prices saw a hike for the sixth straight day on Tuesday as oil marketing firms again revised fuel prices across the country. Petrol prices were hiked by 14 paise in both Delhi and Mumbai, while diesel saw an increase of 14 paise in Delhi and expanded by 15 in Mumbai.

Petrol now costs Rs 80.87 per litre, up from Rs 80.73, in Delhi and Rs 88.26 per litre, up from Rs 88.12, in Mumbai. Similarly, Diesel prices have been increased from Rs 72.83 to Rs 72.97 per litre in Delhi and from Rs 77.32 to Rs 77.47 in Mumbai.

Rising fuel prices in the country have been an issue of friction between the government and the opposition parties for the past couple of days.

Opposition parties are demanding a cut in the excise duty on petrol and diesel and bringing fuel under the ambit of GST.

At least 20 Opposition parties led by Congress staged a Bharat Bandh across the country on Monday to protest against the rising fuel prices and falling value of the rupee.

Opposition parties like the Janata Dal-Secular (JD-S), Samajwadi Party (SP), Bahujan Samaj Party (BSP), Dravida Munnetra Kazhagam (DMK), Rashtriya Janata Dal (RJD), Nationalist Congress Party (NCP) and Maharashtra Navanirman Sena (MNS), led by the Congress party, took part in the protests. Left parties staged a separate shutdown of their own.

ALSO READ: Closed chapter: Bandhs are no longer a useful protest technique

Other parties such as Trinamool Congress, Aam Admi Party and Biju Janata Dal voiced their concerns over the price hike, however, they stayed away from the street protests called by the Congress.

Later, amid the constant rise in the prices of petrol and diesel, BJP president Amit Shah on Monday met Oil Minister Dharmendra Pradhan, PTI reported.

Meanwhile, Rajasthan government announced a 4 per cent cut in the state VAT on petrol and diesel on Sunday to reduce their prices by Rs 2.5 per litre in the state, while Andhra Pradesh government on Monday announced a reduction of tax on petrol and diesel by Rs 2 a litre, to reduce the burden on common caused by zooming fuel prices.

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Petrol, diesel prices up by around 50 paise: Check rates in Delhi, Mumbai

Opposition parties will launch nationwide strikes and protests next week over record-high petrol and diesel prices.

Petrol and diesel prices reached a new unprecedented level on Friday after oil marketing companies announced a sharp hike on Friday.

In Delhi, petrol rose 48 paise to be sold at Rs 79.99 per litre. With a similar hike, petrol in Mumbai is priced at Rs 87.39 per litre.

Diesel prices saw an even bigger hike on Friday. While in Delhi, prices rose by 52 paise, in Mumbai, the rates went up by 55 paise.

The fuel is retailing at Rs 72.07 and Rs 76.51 per litre in Delhi and Mumbai respectively.

Except for a halt on Wednesday, petrol and diesel rates have gone up every day since 26 August. Overall, petrol and diesel prices have gone up by Rs 2.32 and Rs 2.75 respectively in Delhi, since then.

Opposition parties will launch nationwide strikes and protests next week over record-high fuel prices.

ALSO READ: Govt rules out excise duty cut, even as petrol prices hit Rs 79.15 in Delhi

The Congress has accused the government of "fuel loot" that it said had raised Rs 11 trillion ($152 billion) for the exchequer since Modi came to power in 2014.

"The mismanagement of the economy has led to high fuel prices," senior Congress leader Ashok Gehlot said. "When fuel prices were rising during (the previous government), taxes were reduced to take the burden off people."

Congress said all "like-minded opposition parties" had agreed to join the protest to demand fuel price cuts. The parties called for a general strike and demonstrations across the country.

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Fuel prices at record high: Check petrol, diesel rates in top cities today

The surge in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in the country.

Diesel prices touched a fresh peak across metro cities on Tuesday. Petrol prices too went up across the country to inch closer to their all-time mark.

In Delhi, petrol prices went up by 14 paise to Rs 78.05 per litre, according to data from the Indian Oil Corporation. Diesel prices notched up 15 paise to Rs 69.91 per litre.

A similar increase was seen in fuel prices in all other metro cities. In Mumbai and Kolkata, petrol was at Rs 85.47 and Rs 80.98 respectively. In Chennai, it was priced at Rs 81.09.

In Mumbai, Kolkata and Chennai, diesel was priced at Rs 73.90, Rs 72.46 and Rs 73.54 per litre respectively against the previous levels of Rs 73.74, Rs 72.31, Rs 73.38 per litre.

The all-time high petrol prices in Delhi, Kolkata, Mumbai and Chennai are Rs 78.43, Rs 81.06, Rs 86.24 and Rs 81.43 per litre, touched in May 29.

The rise in prices of diesel gains significance as it is mostly used in transportation of food and agricultural products and an increase in its price may lead to higher inflation.

The surge in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in the country.

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