Petrol, diesel prices continue to soar for fifth day; Diesel close to 70-mark in Delhi

Fuel prices in India continue to break all records for the wrong reasons for the fifth consecutive day as the diesel prices on Thursday increased again by 19 paise per litre in Delhi. The diesel prices are also defying all records as it is closing on to an all-time high of 70-mark. On Thursday, the diesel price was Rs 69.93 per litre in Delhi while in Mumbai, Chennai and Kolkata the prices rose to Rs 74.24, Rs 75.09 and Rs 72.78 per litre respectively.

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Earlier on Wednesday, the government had hoped that the rally in global rates will go downwards soon.

"I earnestly believe that this increase in oil prices is really temporary," said Economic Affairs Secretary Subhash Chandra Garg, adding the fluctuations were seen coming, he said.

"The crude (oil price) had gone down to the level of $70 per barrel and it is back to $74-75, it should be temporary. It is coming out of some countries not able to produce so I hope it remains temporary. We will be able to come back $70-71 per barrel soon," he said.

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Diesel prices have already hit their highest level, crossing the previous high of Rs 69.31 per litre.

Fuel prices are on a constant rise since August 16 following the dip in rupee against the US dollar. On Thursday, the rupee went down to 70.82 per dollar.