Fuel price hike: Petrol hits record high of Rs 80.50 in Delhi

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The high cost of global crude oil and a weak rupee took the petrol price in Delhi to a record Rs 80.50 per litre on Sunday.

The diesel price in Delhi rose on Sunday by 10 paise to Rs 72.61 per litre. The prices of both petrol and diesel have been rising for around a week now.

In the other key cities of Mumbai, Chennai and Kolkata, the cost of petrol on Sunday rose to Rs 87.89, Rs 83.54 and Rs 83.39 per litre, respectively.

According to experts, a weak rupee and high excise duty have been major factors for the rise in fuel prices.

On the currency front, the Indian rupee settled above Rs 71 to dollar in the spot market for the week ended on Friday. It closed at 71.73, stronger by 26 paise than its previous close of 71.99 per greenback.

Apart from the weak currency, the high global crude oil cost has become a major concern for the country which is a net importer of oil.

Currently, UK Brent crude oil prices stand at around $77 per barrel.

In tandem with the petrol prices on Sunday, diesel prices, too, rose to new highs in the metro cities of Mumbai, Chennai and Kolkata to Rs 77.09, Rs 76.75 and Rs 75.46 per litre, respectively, as per data from the Indian Oil Corp.

Since the start of the year, the petrol price in Delhi has risen from Rs 69.97 a litre and the diesel price has gone up from Rs 59.70 a litre.

The rising diesel price is expected to flare up inflation as the fuel is primarily used to transport most of the goods including agriculture products.

As per the country's pricing mechanism, the domestic fuel prices are dependent upon the international fuel prices on a 15-day average and the value of the rupee.

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