Fuel prices are on the rise once again. Petroleum prices, which are determined by the cost of crude oil in global markets, are continuously going up. Retail prices of petrol and diesel breached record levels on Thursday with Oil Marketing Companies (OMCs) raising rates by 20 paise per litre and 21 paise per litre for the two automobile fuels.
Petrol prices were increased to Rs 86.91, Rs 82.41 and Rs 82.62 per litre in Mumbai, Kolkata and Chennai respectively on Thursday. Fuel prices in all metro cities are rising again on the back of falling rupee which has made imports costlier.
The rupee dipped to its lowest value against the US dollar. Diesel prices in the three cities were also raised today to Rs 75.96, Rs 74.40 and Rs 75.61 per litre, respectively. In spite of the consistent hike in fuel prices, the central government remained non-committal on cutting excise duty. So, vehicle owners are expressing apprehension.