Fuel Rates Hiked Further; Petrol Price Reaches 90.57 Rupees In Mumbai

Petrol and diesel prices were increased marginally on Friday. A litre of petrol touched Rs 90.57 per litre in Mumbai, while the price of diesel was revised to Rs 79.01 per litre, according to a notification by Indian Oil Corporation, the country's largest fuel retailer. In Delhi, petrol price stood at Rs 83.22 per litre and diesel at Rs 74.42 per litre. In Chennai, petrol and diesel prices stood at Rs 86.51 and Rs. 78.69 per litre respectively. In Kolkata, petrol and diesel prices were at Rs. 85.03 per litre and Rs.76.27 per litre respectively, according to state-run Indian Oil Corporation.

Here are 5 things to know about petrol prices, diesel rates today:

1. Domestic fuel prices have been increased to all-time highs in past few weeks thanks to soaring crude oil prices, weakness in the rupee against the dollar, and a slew of central and state taxes.

2. The government sees the rising fuel prices and falling rupee as a "small storm" for an otherwise robust economy which it expects to sail through due to various steps, news agency IANS cited a senior Finance Ministry official as saying.

3. It had on Wednesday hiked import duty on as many as 19 products, including air conditioners, household refrigerators and washing machines, with an aim curb the import of non-essential items to check the burgeoning current account deficit and to support rupee.

4. Currently, oil marketing companies (OMCs) revise domestic fuel prices on a daily basis. 

5. Globally, oil prices edged higher on Thursday, driven by the prospect of a shortfall in global supply once US sanctions against major crude exporter Iran come into force in five weeks. Brent - the international benchmark for crude oil - touched $81.47 per barrel on Friday. It had touched a four-year high of $82.55 a barrel earlier this week. (With inputs from agencies)