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Petrol price in the national capital shot to as high as Rs 79.99 per litre, while the diesel is being sold at Rs 72.07 per litre today. Post the hike, petrol is priced at Rs 86.9 per litre in Mumbai while diesel is available at Rs 76 per litre.

In Bengaluru, the petrol is sold at Rs 82.60 and diesel at Rs 74.39. It costs Rs 87.39 in Mumbai.

On Wednesday, Finance Minister Arun Jaitley was remained non-committal on cutting excise duty to cushion spiralling petrol and diesel prices, saying global oil prices are volatile and have not shown any linear movement.

The fuel prices have been on fire since the beginning of August due to rising crude oil prices and low value of rupee against the U.S. dollar.

Petrol and diesel price were Friday hiked by about 50 paisa per litre each - the steepest increase in rates since daily price revision came into effect over 14 months back - to push rates to their highest ever.

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Fuel prices have been on the rise since mid-August, going up nearly every day, owing to a weak rupee and a rise in crude oil prices.

The relentless price hike has once again brought the question of the government cutting excise duty to the fore.

Since 1 August, petrol prices have risen by Rs 3.68 per litre. Former Finance Minister, P Chidambaram, while coming down heavily on the excessive tax rates on fuel prices said that if taxes are cut, prices will come down significantly. Also, crude oil prices have gained $7 a barrel in a fortnight.

The prices of petrol and diesel touched a new high on Friday with Mumbai paying the maximum among the four metros.