Fuel prices continued to rise for the sixth consecutive day on Friday, with petrol and diesel prices touching new highs in Delhi, Kolkata and Chennai.
As per the prices announced under the daily dynamic pricing regime by the state-run Indian Oil Corporation (IOC), fuel prices continued to rise across the country on Friday as well.The surge in fuel prices is largely due to the rise in the cost of crude oil and the high excise duty levied on the transportation of fuel in the country. London Brent crude oil has breached the $77 per barrel mark, while US West Texas Intermediate is nearly at the $70 level.Petrol in Delhi was selling at Rs 78.52 per litre, nine paise higher than its previous record high of 78.43 on May 29 this year. In Kolkata, Mumbai and Chennai, petrol prices stood at Rs 81.44, Rs 85.93, Rs 81.58 per litre respectively.All-time high petrol prices on May 29 in Delhi, Kolkata, Mumbai and Chennai were Rs 78.43, Rs 81.06, Rs 86.24 and Rs 81.43 respectively.Thus, on Friday, only in Mumbai did this key transportation fuel remain below its previous high of Rs 86.24 on May 29.In Delhi, diesel was priced on Friday at Rs 70.21 per litre. In the other key metros of Kolkata, Mumbai and Chennai, the fuel was sold for Rs 73.06, Rs 74.54 and Rs 74.18 respectively.The rise in diesel prices, that surpassed previous highs across metros on Friday, gains significance as it is mostly used in vehicles for transportation of food and agricultural products, which could lead to higher inflation.