With effect from 6 am on Monday, May 28, petrol prices were at Rs 78.27 per litre in Delhi, Rs 80.91 per litre in Kolkata, Rs 86.08 per litre in Mumbai and Rs 81.26 per litre in Chennai, according to Indian Oil Corporation. While the price of diesel in Delhi is Rs 69.31/litre and it is Rs 73.79/litre in Mumbai.
In addition, price in Kolkata inched up to Rs 80.76, against 80.61 per litre on the previous day.
The oil ministry has given its in-principle approval for futures trading in petrol as well as diesel and the final clearance from regulator Sebi should come soon, a top official of commodity derivatives exchange ICEX said on Monday amid rising fuel prices.
In states, petrol cost Rs 82.76 a litre in Hyderabad and in Bangalore Rs 79.40 a litre. "Hike in the worldwide price of crude, fluctuation in the dollar and Indian currency ratio, and some of the tax issues are also there", he told reporters here.
"For a long-term solution, Government of India is planning for a holistic strategy. bringing petroleum products within the ambit of GST is one among them", he said.
A litre of petrol now costs 141c on average - a rise of more than three cents when compared with last month's figure of 137.6c.
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He also said that the weakening of the Indian rupee against the U.S. dollar was causing the fuel price hike. The Central government levies Rs 19.48 excise duty on a litre of petrol and Rs 15.33 on diesel.
Amid the rise in fuel prices, crude oil futures fell 2.73 per cent to Rs 4,485 per barrel on Monday, in line with the weak trend overseas as the market eyed an increase in output from top crude producers - Russia, the United States, and Saudi Arabia.
"However, if this was to happen, the state will have to forego Rs 34,627 crore of tax revenue / 0.2% of consolidated fiscal deficit of states", said Ecowrap.
Mr Williams predicted prices would rise further, adding: "The outlook for fuel prices in the weeks ahead is not good with another penny a litre expected to be added to current average prices".
Following the Karnataka polls and the 19-day fuel price freeze from April 24, oil marketing companies opted for a price rise for petrol and diesel.
The prices are at an all-time high.