Fuel prices continue to defy all records for the fifth consecutive day. On Thursday, diesel prices increased by 18 paise per litre in Delhi. Diesel prices are inching close to an all time high of 70-mark at Rs 69.93 per litre in Delhi. In Mumbai, Kolkata and Chennai, diesel prices rose to Rs 74.24, Rs 72.78, Rs 75.09 per litre, respectively.
Similarly, petrol prices went up by 12 paise per litre in Delhi on Thursday. Petrol is being retailed at Rs 78.30 per litre in Delhi, Rs 85.72 per litre in Mumbai, Rs 81.23 per litre in Kolkata and Rs 82.60 in Chennai.
With petrol and diesel prices going up by almost a rupee per litre within a fortnight, the government had on Wednesday hoped that the rally in global rates is temporary and they would decline soon. "I earnestly believe that this increase in oil prices is really temporary," said Economic Affairs Secretary Subhash Chandra Garg. The fluctuations were seen coming, he said.
"The crude (oil price) had gone down to the level of $70 per barrel and it is back to $74-75, it should be temporary. It is coming out of some countries not able to produce so I hope it remains temporary. We will be able to come back $70-71 per barrel soon," he said.
Diesel prices this week hit their highest level, crossing the previous peak of Rs 69.31 a litre reached on May 29.
Petrol rates are, however, yet to hit the new record high of May 29, when they touched Rs 78.43 a litre in Delhi.
Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. On Thursday, the rupee plunged further down to 70.81 per dollar.
(With inputs from PTI)