The price of diesel also rose in tandem with petrol; it is now being sold at Rs 74.12 a litre in Delhi
In line with petrol, the price of diesel also increased -- to Rs 69.17 a litre in Delhi, and Rs 73.64 in Mumbai
Along with Delhi, prices in Mumbai and Chennai have already reached record levels and are only reaching new highs every single day
HPCL CMD Mukesh Surana has said that there is a need to review taxation on petrol and diesel to provide relief to consumers
Change in contracts and taxes mid-way will affect long-term investor sentiments in India
Pradhan asked the Odisha government to reduce VAT on petroleum products to contain the cascading effect on rising fuel prices
The revenues so collected would be used to pay fuel retailers so that they absorb spikes beyond the threshold levels
Even as people across India see rising fuel prices burning a hole in their pockets, the price of petrol touched Rs 85 a litre in Mumbai and Rs 77.17 a litre in Delhi on Wednesday
The rising crude prices in the international market prompted state-owned oil companies to raise domestic prices for 11th day in a row
Petroleum Minister Dharmendra Pradhan is expected to meet oil-marketing companies on Wednesday to take stock of the situation
The retail price of petrol in Delhi may reach Rs 85 a litre, while that for diesel reach Rs 73 a litre
The increase is based on assumption that global price of diesel and petrol and Rupee-US Dollar exchange rate remain stable hereon
In the other metropolitan cities of Kolkata, Mumbai and Chennai also, petrol prices were at fresh multi-year high levels of Rs 77.65, Rs 82.79 and Rs 77.77 a litre respectively
Diesel prices also touched new record levels
Narendra Modi has betrayed people's trust, says Congress on increased petrol and diesel prices
The Oil Ministry had earlier this year sought a reduction in excise duty on petrol an diesel to cushion the impact rising international oil rates but Arun Jaitley in his Budget ignored those calls
This comes at a time when the petrol and diesel prices are touching new heights
These small cuts contrast against the nearly Rs 4 per litre rise in petrol prices during May 14-29, with the daily hike in prices varying around 15-30 paise a litre
Amid mounting public frustration, rates have been cut for the fourth consecutive day today
We need to do a rethink if arbitrary levies, which effectively double fuel prices, bring about a net improvement in public welfare