Petrol at Rs 87.39, diesel at Rs 76.51: Mumbai witnesses steepest fuel price hike in months

Fuel prices in the financial capital touched a new high on Friday, with petrol prices soaring by 48 paise, and diesel 55 paise a litre — one of the steepest single-day rises in Mumbai in recent months.

On Friday, petrol sold at Rs 87.39 a litre, while diesel cost Rs 76.51 a litre.

Fuel prices have been on the rise since mid-August, going up almost every day, owing to a weak rupee and a rise in crude oil prices.

In some cities in Maharashtra, petrol prices touched Rs 90 a litre — for instance, in Amravati, Buldhana, where they were selling for Rs 88 and Rs 77 a litre.

Petrol pump operators said over the past 10 days, the maximum fuel prices rose to was 42 paise a litre. Friday was the first time the prices went up by more than 50 paise a litre.

Transporters ar enow demanding that fuel prices are revised quarterly, instead of daily. Harsh Kotak, a leader of bus operators in Mumbai, said this was the first time the price has gone up 50 paise a day since June 2017, when the government began revising fuel prices every day. Until June 2017, state-run fuel retailers such as Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum, revised fuel rates on the 1st and 16th of every month, based on average international price in the preceding fortnight and the currency exchange rate.

“The government should immediately stop the daily revision of fuel prices and start revising every quarter,” Kotak said. “Although fuel prices are going up by 50 paise a day, we cannot ask our clients to increase contract value daily, as this can only be done in case of a quarterly review.”

The School Bus Operators Association, has already warned that they would increase monthly fee by Rs 100. The school bus operators and other federations of the transport industry are also demanding bringing petrol and diesel under the ambit of Goods and Services Tax (GST).

First Published: Sep 08, 2018 01:44 IST