Fuel prices surge once more. Check what people will have to pay in major cities

Prices of petrol and diesel were raised across the country on Saturday for the fourth time this week as state-run oil marketing companies (OMCs) continued the upward price revision. Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had resumed daily price revisions on January 6 after nearly a month-long hiatus. This came on the back of international oil prices firming up on hopes of demand returning from the rollout of coronavirus vaccines in different countries, including India.

Petrol prices in Delhi rose to ₹85.70 and diesel prices were up by 15 paise to rise to ₹75.88 per litre. Mumbai also saw fuel prices soar as petrol prices rose to ₹92.28 per litre and diesel prices rose to ₹82.66 per litre. Consumers in Madhya Pradesh's Bhopal will have to pay ₹93.59 for per litre of petrol and ₹83.85 for diesel now.

The record rise in prices has led to demands for a cut in excise duty to allow customers to buy fuel at lesser prices. Union minister for petroleum and natural gas Dharmendra Pradhan blamed the price rise on Saudi Arabia’s oil output cut. “A few months back, we all were discussing consumption-centric revival, demand-driven revival, and we were supposed to restrict our production cut, and ramp-up (of production) gradually by January. But contradiction to that, we all are controlling oil production (now),” Pradhan was quoted as saying by news agency PTI during an energy conference.

He was referring to a deal between Organisation of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Pradhan also said that oil-producing countries need to take note of the aspirations of consumer countries. “If the producing countries will not recognise our aspiration then new business models are bound to come up. This kind of scenario will push us to more alternate methods of energy sourcing. Every country has its own strategy. Being a major consumer of the globe today, we would be looking towards more alternate energy sources,” he said.

Congress president Sonia Gandhi had attacked the government over rising fuel prices earlier in January. She said in a statement, “I demand from the government that the rates of excise duty on petrol and diesel be made similar to that during the UPA regime and provide immediate relief to the affected people.”

Here is what petrol and diesel will cost in the four major cities of the country:

• New Delhi: Petrol - ₹85.70; Diesel - ₹75.88
• Kolkata: Petrol - ₹87.11; Diesel - Rs. 79.48
• Chennai: Petrol - ₹88.29; Diesel - ₹81.14
• Mumbai: Petrol - ₹92.28; Diesel - ₹82.66