Fuel prices continued its streak for the fifth consecutive day, with petrol prices crossing the record high of Rs 91 a litre mark in Mumbai.

Petrol prices were at an all-time high of Rs 91.08 a litre, while diesel prices inched higher to Rs 79.72 a litre, as per the data from Indian Oil Corporation.

In Delhi NCR, Chennai and Kolkata, the petrol prices were at Rs 83.73 per litre, Rs 87.05 per litre and Rs 85.53 per litre, respectively. Diesel prices in the three metros rose to Rs 75.09 a litre, Rs 79.40 per litre and Rs 76.94 per litre, respectively.

With petroleum still excluded from the GST regime, prices vary according to local taxes. Delhi has lower tax among the four major metros.

Ahead of the US sanctions, kicking in from November 4 on Iran, crude prices have been on an upward spiral with Brent prices reaching up to $80 a barrel.

Domestic fuel prices have been surging since mid-August due to various factors including rupee depreciation, high excise duty and rise in Brent crude oil rates.

International Brent crude oil was up 31 cents, or 0.4 percent at $83.04 per barrel from its last close and near the $83.07 level reached during the last session - the highest since November 2014.

Import-reliant economies are already aching under oil prices that have risen above $80 per barrel this week, the most since late 2014.

Analysts warn the inflationary combination of higher oil costs and weakening currencies such as India's rupee could cause a global economic slowdown that would also crimp oil demand in those countries.

India-Iran Oil Ties

The Iranian Foreign Minister said Iran's oil sales to India will continue despite the US threats of sanction pressures against Iran and its economic partner, Financial Tribune daily reported on Saturday.

India is committed to buying Iranian oil and continuing the bilateral economic cooperation, Mohammad Javad Zarif said after a meeting with his Indian counterpart in New York on the sidelines of the United Nation General Assembly.

India, Iran's second largest oil customer after China, has not yet decided whether to completely stop purchasing Iran's oil despite its already reduced imports, according to Financial Tribune.

First Published:Oct 1, 2018 7:13 AM IST