Mumbai, May 24: Petrol price in Mumbai crossed Rs 85 on Thursday, May 24, and is fast approaching the Rs 80 mark in Delhi, with no relief from continuous hike in fuel prices. The price of petrol in Mumbai today was Rs 85.29 per litre, 30 paise more than what it was on May 23, and the cost of diesel in the Maximum city was Rs 72.96 per litre, 20 paise more than what it was yesterday. With fuel prices going up for the eleventh continuous day, demands to cut excise duty or state VAT have grown louder.  Also Read - Petrol Diesel Price Today: Fuel Prices Cheapest in 8 Months; Petrol in Delhi Down at Rs 70.29, Diesel at Rs 63.01

The prices of both petrol and diesel have witnessed a hike of over Rs 2 per litre over the past 10 days, both touching fresh record highs every passing day. In Delhi today, the price of petrol today was Rs 77.47 per litre while diesel was at Rs 68.53 per litre. In Chennai, petrol and diesel were at Rs 80.42 per litre and Rs 72.35 per litre on Thursday. Also Read - Petrol, Diesel Prices Register Sharp Cut; Check Out Latest Rates in Metro Cities Here



As protests against rising petrol and diesel prices grow, the government has said that it is working on finding a “long-term solutions”. “(The) issue of frequent hike in fuel price is a matter of debate and concern. The government is involved in this whole process, including the concern (about rise in prices) and also the uncertainty,” Law and IT Minister Ravi Shankar Prasad told reporters on Wednesday. With geopolitical situation leading to an uncertainty over the direction of international oil prices, “a new sense of urgency has developed”, he said. Also Read - Petrol Prices Continue to Rise Higher Than Rs 75/Litre Amid Hike in Crude Oil Prices Internationally

“The government is keen that instead of having an ad hoc measure, it may be desirable to have a long-term view which addresses not only the volatility but also takes care of the unnecessary ambiguity arising out of frequent ups and downs. That process is underway,” he said.



The BJP-led government had in June last year junked a 15-year old practice of revising rates every fortnight and introduced daily revisions which worked well except periods immediately preceding an election. There was a 19-day freeze in revising rates before Karnataka went to polls, and since the time the hiatus ended on May 14, rates have gone up. The 11-day relentless price increases built pressure on the government for cutting excise duty to give immediate relief to consumers.

With inputs from agencies