Fuel price hike: Petrol, diesel prices breach record levels on Friday

Andrew Cummings
September 9, 2018

The price of petrol increased from Rs 79.31 per litre on Wednesday to Rs 79.51 on Thursday in Delhi. In Kolkata, petrol costs Rs 82.88 and diesel Rs 74.92.

In Mumbai, a litre of petrol costs Rs 87.39 while diesel costs 76.51. Finance Minister Arun Jaitley earlier this week 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.

State-owned oil marketing companies (OMCs) have again increased the price of sensitive petroleum products such as petrol and diesel in the country on Friday. Diesel cost Rs 75.61 per litre against Rs 75.39 on Wednesday.

On Tuesday, former Finance Minister P Chidambaram had stated that the "Relentless rise in prices of petrol and diesel is not inevitable". In Hyderabad, petrol costs Rs 84.81 and diesel Rs 78.39.

It must be noted that fuel prices, half of the retail selling prices of which are made up of central and state taxes, has been on the rise since mid-August.

Diesel prices have gone up by almost Rs 4 per litre in over a month across all metro cities. Due to a surge in fuel prices, there is also a hike in the prices of other things.

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 USA dollar. Also, crude oil prices have gained $7 a barrel in a fortnight.

Since 1 August, petrol prices have risen by Rs 3.68 per litre.

Mumbai has the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel.

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