Petrol prices rise for 14th consecutive day, touch Rs 78.12 in Delhi, Rs 85.93 in Mumbai

Burning a hole in public’s pocket, the fuel prices on Sunday continued to skyrocket on the 14^th straight day with petrol surging to a new high of Rs 78.12 per litre in Delhi.

The petrol prices touched a new record in Mumbai and Chennai and rose to Rs 85.93 and Rs 81.11 per litre respectively, up from Rs 85.78 and Rs 80.95 per litre on Saturday.

The price of diesel reached its highest level ever in India. In Delhi diesel was being sold at Rs 69.06 per litre up by 16 paise from previous day. The fuel was the most expensive in Mumbai at Rs 73.53 and Rs 72.91 in Chennai.

The prices of two key petroleum products rose due to the high excise duty levied by the Narendra Modi-led central government. The rise in crude oil cost was another reason behind the price hike.

Although most of the BJP leaders claimed that the government was trying to find a “solution” for the problem, the Modi government, which came in power with the promise of cheap fuel prices, showed no sign of it.

Despite the demand of Opposition Congress to bring petrol and diesel under the GST regime, the Centre looked reluctant to do so as Union Minister Nitin Gadkari said that any cut in fuel price will will take away the money from social welfare schemes.

“This is an unavoidable, economic situation. It is directly linked to the global economy. If we have to sell it (petrol/diesel) cheap, it means we will have to buy it at higher prices and subsidise it here,” the Indian Express quoted Gadkari as saying on Wednesday.