With daily price revision of petrol and diesel prices, it has emerged that petrol price hit a four-year high of Rs 73.73 a litre on Sunday.
Similarly, the diesel rates too soared to an all-time high of Rs 64.58 in the national capital.
The soaring rates further will bring pressure on the government to cut excise tax rates.
It need be mentioned that the oil ministry had earlier this year sought a reduction in excise duty on petrol and diesel.
This move was aimed at cushioning some of the impact from the rising international oil rates.
However, the Union Finance Minister Arun Jaitley in his Budget presented on February 1 did not entertain such suggestions.>