Fuel prices on Thursday touched a new high as state-owned fuel retailers hiked rates for third consecutive days. Petrol prices were hiked by 24-25 paise per litre, while diesel rates were raised by 30-31 paise per litre, according to a price notification from oil marketing companies.

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In Delhi, petrol now costs Rs 87.85 per litre and diesel is priced at Rs 78.03. In Mumbai, petrol comes for Rs 94.36 a litre and diesel for Rs 84.94.

The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning. These rates move in line with benchmark international price and foreign exchange rates.

The fuel prices vary from state to state in the country due to the value-added tax or VAT.

Meanwhile, the Ministry of Petroleum and Natural Gas on Wednesday said there is no proposal to reduce taxes on petrol and diesel at present. In a written reply in the Rajya Sabha, the ministry said the taxes are increased or decreased depending on several factors like the requirement of the government and market situation.

On the global front, oil prices fell on Thursday, giving up some of the recent strong gains, although losses were curbed by production cuts and hopes that rollouts of vaccines will drive a recovery in demand.

First Published:Feb 11, 2021 9:26 AM IST