All time high petrol, diesel prices more pain ahead top 10 developments

All-time high petrol, diesel prices: More pain ahead? Top 10 developments

All-time high petrol, diesel prices: More pain ahead? Top 10 developments on Business Standard. Petrol and Diesel touched high record, Petrol was costliest in Mumbai and Diesel was costliest in Hyderabad. Union Petroleum Minister Dharmendra Pradhan blamed increase in fuel prices on less production of oil in OPEC countries.

Latest News Feel like you're being robbed blind by high fuel prices? Petrol price on Sunday touched a record high of Rs 76.24 per litre and diesel climbed to its highest ever level of Rs 67.57. Petrol was the costliest in Mumbai where high local taxes led to a price of Rs 84.07 per litre. Diesel was the costliest in Hyderabad, where it was priced at Rs 73.45 a litre, again due to high local taxes. However, the Finance Ministry on Friday virtually ruled out reducing excise duty on petrol and diesel in the near future.

Further, while Union Petroleum Minister Dharmendra Pradhan said the government would try to work out a solution soon, he also said that it was "not in our hand" and blamed the increase in fuel prices on "less production of oil in OPEC countries".

Given these statements, can we expect more pain ahead in the future?

Meanwhile, Economic Affairs Secretary Subhash Chandra Garg ruled out any possible impact on economic growth due to the surge in oil prices. "On the macroeconomic front, the economy is doing well and we are not making any downward revision for growth or upward revision for fiscal deficit," Garg said.

The hike is all set to burn a bigger hole in

commuters' pockets. Speaking to a news agency, a local in Delhi urged the government to bring down the prices and said, "The government must bring down prices of petrol. They must reduce excise duty and use other measures. The prices are already so high."

Fuel rates vary from state to state depending on the local sales tax or VAT. Mumbai residents are also facing the brunt. A local told news agencies, "Why are prices so high in Mumbai when it is comparatively lower in Gujarat and Delhi? It is tough for those who have to travel everyday. We shell out Rs 120 for petrol regularly."

Here are the top 10 developments on the hike in fuel prices: