<p>Petrol and diesel prices in the country on Saturday touched new all-time highs after rates were increased for the fourth time this week.</p>.<p>Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies.</p>.<p>This took the petrol price in Delhi to Rs 85.70 per litre and in Mumbai to Rs 92.28.</p>.<p>Diesel rate climbed to Rs 75.88 a litre in the national capital and to Rs 82.66 per litre in Mumbai, the price data showed.</p>.<p>This is the second consecutive day of rate increase and the fourth this week. In all prices have gone up by Re 1 per litre this week.</p>.<p>Fuel prices, which vary from state to state depending on local sales tax or VAT, are now at record highs in the country, prompting cries for a cut in excise duty to ease the burden on consumers.</p>.<p>Oil Minister Dharmendra Pradhan earlier this week blamed Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts.</p>.<p>Top oil explorer Saudi Arabia has pledged additional voluntary output cuts of 1 million barrels per day in February and March, which has led to price climbing to most since the pandemic broke out.</p>.<p>State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- had on January 6 resumed daily price revision after nearly a month-long hiatus.</p>.<p><strong>Also read — <a href="https://www.deccanherald.com/business/soaring-fuel-prices-crowd-out-other-spends-on-credit-cards-report-942025.html" target="_blank">Soaring fuel prices crowd out other spends on credit cards: Report</a></strong></p>.<p>Since then, rates have gone up by Rs 1.99 a litre on petrol and Rs 2.01 in case of diesel.</p>.<p>This comes after international oil prices firmed up on hopes of demand returning from the rollout of coronavirus vaccines in different countries, including India.</p>.<p>Prior to the current highs triggered by the price hikes this month, fuel prices had last touched record high on October 4, 2018.</p>.<p>At that time the government had cut excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence.</p>.<p>Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.</p>.<p>This time, there are no indications of a duty cut so far.</p>.<p>Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.</p>
<p>Petrol and diesel prices in the country on Saturday touched new all-time highs after rates were increased for the fourth time this week.</p>.<p>Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies.</p>.<p>This took the petrol price in Delhi to Rs 85.70 per litre and in Mumbai to Rs 92.28.</p>.<p>Diesel rate climbed to Rs 75.88 a litre in the national capital and to Rs 82.66 per litre in Mumbai, the price data showed.</p>.<p>This is the second consecutive day of rate increase and the fourth this week. In all prices have gone up by Re 1 per litre this week.</p>.<p>Fuel prices, which vary from state to state depending on local sales tax or VAT, are now at record highs in the country, prompting cries for a cut in excise duty to ease the burden on consumers.</p>.<p>Oil Minister Dharmendra Pradhan earlier this week blamed Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts.</p>.<p>Top oil explorer Saudi Arabia has pledged additional voluntary output cuts of 1 million barrels per day in February and March, which has led to price climbing to most since the pandemic broke out.</p>.<p>State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- had on January 6 resumed daily price revision after nearly a month-long hiatus.</p>.<p><strong>Also read — <a href="https://www.deccanherald.com/business/soaring-fuel-prices-crowd-out-other-spends-on-credit-cards-report-942025.html" target="_blank">Soaring fuel prices crowd out other spends on credit cards: Report</a></strong></p>.<p>Since then, rates have gone up by Rs 1.99 a litre on petrol and Rs 2.01 in case of diesel.</p>.<p>This comes after international oil prices firmed up on hopes of demand returning from the rollout of coronavirus vaccines in different countries, including India.</p>.<p>Prior to the current highs triggered by the price hikes this month, fuel prices had last touched record high on October 4, 2018.</p>.<p>At that time the government had cut excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence.</p>.<p>Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.</p>.<p>This time, there are no indications of a duty cut so far.</p>.<p>Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.</p>