Fuel prices have hit a record high in Delhi and Mumbai with petrol prices currently being at Rs 85.20 per litre and Rs 91.80 per litre, respectively. The Indian crude basket as of January 15 is at $54.26 per barrel. This is almost $5 higher than the December cost.

The oil ministry has pitched for an excise duty cut. Top government officials from PMO, revenue department, and oil ministry met last week to review excise duties. However, the final decision will be taken by the finance ministry.

In 2020, the government had increase excise duties thrice; 65 percent hike on petrol and 101 percent hike on diesel.

However, petroleum minister Dharmendra Pradhan said that the prices have spiked due to disruptions in demand and supply from major oil-producing countries on account of the COVID-19 pandemic.

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(Edited by : Ajay Vaishnav)