In the last month, the highest recorded petrol price in Mumbai was Rs 81.41/litre on March 31, 2018.
Retail fuel prices in India are at a 55-month high on the heels of an increase in global crude price. I don't see crude oil prices rising from here on. On Thursday, petrol and diesel prices were hiked by 5 paise and 7 paise respectively.
In Kolkata, petrol is retailing at Rs 76.78 a litre and diesel at 68.01 a litre.
Petrol prices in the city are fast heading towards Rs 80 per litre. "When the crude oil starts coming down, the prices of petrol and diesel will also come down respectively", said a senior official in one of the leading state-owned oil firm. "Price jump in the global market is the highest in past four years, it is due to reasons like the situation in Syria and US' threat of imposing sanctions on Iran, due to these reasons prices have shot up,"ANI quoted Pradhan as saying".
In a series of tweets, he said the government was clueless and floundering on the issue. So, why are Petrol/Diesel prices higher today than they were in May 2014? he asked, adding that "BJP boasts that it is ruling 22 States. It is because of the "Tax the Consumer" policy of the BJP government", he said.
The fuel prices have been consistently increasing since August 2017.
In February 2016, OMCs bought crude at Rs 1,760 per barrel (Rs 11 per litre), while retail petrol stood at Rs 60 per litre. However, shares of Hindustan Petroleum Corporation (HPCL) closed down 0.90 per cent at ₹ 298.85 while shares of Bharat Petroleum Corporation (BPCL) closed down 1.55 per cent at ₹ 371.7 in a flat Mumbai market on Friday.
To ease the burden from the consumers, the Centre had reduced the excise duty by Rs 2 amid rising fuel price in October, 2017.