Fuel prices reach highest-ever mark on Republic Day 2021

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26 January, 2021: The prices of both Petrol and Diesel grew by 35 paise each after having been stable for two days.

The latest increase in rates took the petrol price to Rs 86.05 per litre in Delhi, and the cost of Diesel to 76.23 per litre. In the financial capital of India, Mumbai, the petrol price reached a lifetime high of Rs 92.62 per litre, while the Diesel price crossed Rs 83 mark and reached 83.03 per litre.

Oil prices, which are slightly different in every state as per the local sales tax or VAT, are now at record highs in the country, resulting in nationwide grievances demanding a decrease in excise duty to ease the burden on consumers.

The two day pause in the price hike had given hope to the consumers after prices had gone up by Re 1 per litre each last week.

Dharmendra Pradhan, Oil Minister, had blamed Saudi Arabia’s oil output slowdown for the hike in Petrol and Diesel prices across the country.

This comes after international oil prices firmed up in hopes of demand returning from the rollout of coronavirus vaccines in different countries, including India.

Apart from the current high oil cost, fuel prices had last reached a record high on October 4, 2018. 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.

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