Petrol price crosses Rs 77 a litre in Delhi, close to Rs 85 a litre in Mumbai

Petrol prices in Delhi breached Rs 77 a litre on Wednesday, recording a fresh high in prices since the last time similar levels were seen in September 2013.

From 6 am on Wednesday, petrol in Delhi was being sold at Rs 77.17 a litre, a further 30 paise increase over Tuesday’s rate of Rs 76.87 a litre.

Prices are highest in Mumbai, with the fuel being sold at Rs 84.99 per litre, followed by Chennai at Rs 80.11, and Kolkata at Rs 79.83.

Petrol prices across metros on May 23 (Source: IOCL)

Diesel prices too showed an increase of about 30 paise from Tuesday’s prices across metros, with the fuel selling at Rs 68.30 per litre in Delhi, Rs 72.76/litre in Mumbai, Rs 72.14/litre in Chennai, and Rs 70.89/litre in Kolkata on Wednesday.

Diesel prices across metros on May 23 (Source:IOCL )

Prices in Delhi have increased by Rs 2.54 since May 14 after a 20-day freeze on petrol prices ahead of Karnataka election results. Wednesday is the 10th straight day of fuel price hikes since then. Every day since May 17, fuel prices have been rising about 30 paise over their previous levels.

The government is likely to slash fuel prices by Rs 2-4 in the next few days, according to officials from the finance ministry. The burden of the relief will be shared by central and state governments who will reduce excise duty on the fuel, and by dealers who will have to take a cut in their commissions, which will later be reimbursed by oil marketing companies.