Fuel prices soar for 15th consecutive day; petrol price touches Rs 78.27 in New Delhi, Rs 86.08/litre in Mumbai

Prices of petrol and diesel continued to sour on the 15^th consecutive day on Monday, as petrol is now being sold at Rs 78.27 and diesel at 69.17 in the national capital.

As per the data from oil marketing major Indian Oil, petrol prices rose to Rs 78.27 in Delhi from Rs 78.12 a litre on Sunday.

In the financial capital Mumbai, the price of petrol hiked by 15 Paise and is being sold at Rs 86.08 a litre while diesel at Rs 73.64 a litre.

Recently, the price of diesel reached its highest level in India when it touched Rs 70 per litre in New Delhi.

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.

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.