Fuel prices at record high: Experts see cut in excise duty to curb impact on inflation

The price of petrol hit an all-time high of Rs 84.70 per litre in the national capital as oil marketing companies (OMCs) hiked the cost of both petrol and diesel by 25 paise on Thursday. The price of diesel also set a record high of Rs 81.60 in Mumbai.

This is the fourth hike in petrol and diesel prices in a nine-day period, which has seen rates rise by about Re 1 per litre, after 30 days of no hike. According to experts, prices are likely to rise further due to a rally in crude oil unless the government reduces excise duties on petrol and diesel.

The price of Brent crude has consistently strengthened since the end of October — from around $37 per barrel to around $56 on Thursday.