Fuel prices rise again, petrol nears Rs 90 in Mumbai

NEW DELHI: Fuel prices continued to inch up on Tuesday despite the opposition's Monday's Bharat Bandh against rising petrol and diesel prices.
On Tuesday, petrol was being sold at Rs 80.87 and diesel at Rs 72.97 per litre in the national capital of Delhi. Both the petro products saw a hike of 14 paise in the capital.
Meanwhile, in Mumbai, petrol and diesel have touched a new high of Rs 88.26 and Rs 77.47 per litre respectively.
The Congress party along with other Opposition parties called a nationwide strike across the country on Monday to protest against the rising prices of petrol and diesel and the falling value of the rupee against the US dollar.
On Monday, Andhra Pradesh government announced a reduction of tax on petrol and diesel by Rs 2 a litre.
Fuel prices have been hitting record highs due to the falling rupee and high global crude prices.
The government is of the view that a weak rupee along with high international crude oil prices can impact fiscal deficit as well as current account deficit. In its assessment, a cut in duties will hit the rupee as well as interest rates due to the fallout on the bond market and leave a far deeper dent than a revenue loss of Rs 28,000-30,000 crore.