Fuel prices continue to rise, PM Modi to meet oil company heads

Narendra Modi

Fuel prices continued to rise across the four major metros on Sunday even as Prime Minister Narendra Modi prepares to meet oil company chiefs here on Monday to take stock of the global energy scenario.

In the national capital, petrol was priced at Rs 82.72 per litre, up from Rs 82.66 on Saturday, data on the Indian Oil Corporation website showed.

Similarly, petrol prices in Mumbai, Kolkata and Chennai also rose on Sunday -- to Rs 88.18 in Mumbai, Rs 84.54 in Kolkata and Rs 85.99 per litre in Chennai.

The prices vary from region to region due to local taxes, as the product is excluded from the Goods and Services Tax regime. Delhi has the lowest tax rate among the four metro cities.

The increase in transport fuel prices comes amid a continuous surge in global crude oil prices. UK Brent crude has gone upwards of $85 per barrel.

Earlier this month, Union Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre. Additionally, the state-owned oil marketing companies have been mandated to reduce prices of petrol and diesel by Re 1 a litre each.

Diesel prices also rose across the four metros on Sunday.

Diesel was selling in Mumbai at Rs 79.02, up from Rs 78.82 on Saturday. Prices in Delhi, Kolkata and Chennai were Rs 75.38, Rs 77.23 and Rs 79.71 per litre, respectively.

Meanwhile, official sources said that Modi will meet the chief executives of major global and Indian oil and gas companies as the US sanctions on Iran comes into effect from November 4, and as crude oil prices continue to be volatile.

He is also expected discuss ways to revive investment in India's upstream sector.

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