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Petrol price has risen by Rs 2.17 per litre since August 16 while diesel rates have climbed by Rs 2.62 - the biggest increase in rates witnessed in any fortnight since the launch of daily price revision in mid-June previous year. On that day, the rate in Mumbai was Rs 86.24 per litre.

Last week, credit rating agency Moody's Investors Service said there were risks of India breaching the 3.3% fiscal deficit target for the current fiscal, since higher oil prices will add to short-term fiscal pressures. While petrol costs ₹86.72 a litre, diesel is priced at ₹75.74 a litre.

Former finance minister Yashwant Sinha today slammed the union government for unprecedented hike in prices of petrol and diesel.

The prices of petrol and diesel touched a new high on Tuesday with Mumbai paying the maximum among the four metros. Diesel price has also gone up by Rs 0.39 per litre and touching Rs 71.15 per litre.

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"Relentless rise in prices of petrol and diesel is not inevitable. If taxes are cut, prices will decline significantly", Chidambaram said on Twitter. Petrol price had previously hit its highest level five months ago on May 29.

Since August 16, petrol prices have risen by over Rs 2 per litre.

Meanwhile, Dharmendra Pradhan last week blamed the "isolated" policies of the U.S. for the "abnormally" rising fuel prices in the worldwide markets. "I would like to mention two points, and both these subjects are external. OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised", he told reporters in Surat on Sunday. Due to sanctions on Tehran from the US, India had to reduce its imports from Iran, subsequently reducing the total fuel availability in the country. "Secondly, global currencies have weakened against the U.S. dollar", he had said.

Fuel prices vary from state to state due to local levies. He blamed the Narendra Modi-government for the rise. And, the rupee will also touch the century mark.