Petrol, Diesel Price Rise: No Respite as Fuel Rates Continue to Surge Across Country
Petrol, diesel prices hiked again (Photo credit: IANS)
New Delhi, October 9: Fuel prices continued the upward trend for another day on Tuesday as the petrol price was hiked by 0.23 paisa and diesel by 0.29 paisa in Delhi. After the revision, petrol is being sold at Rs 82.26 per litre and diesel is being retailed at Rs 74.11 per litre in the national capital. The new hike in fuel rates came into effects three days after the government announced a cut of Rs 2.50 per litre on both petrol and diesel prices.
Petrol and diesel prices were increased by 0.23 paisa and 0.31 paisa respectively in Mumbai. After the recent hike, petrol is being sold at Rs 87.73 per litre while the diesel price stands at Rs 77.68 per litre in the financial capital of the country. Mumbai has the highest priced fuel among the metro cities because of higher VAT on petrol and diesel. Delhi has the cheapest fuel in all metros and bulk of state capital. Fuel Price Rise: Cut 'Electoral Lollipop', Says Congress After Another Hike in Petrol, Diesel Prices.
There was an increase of 21 paise in prices of petrol and 29 paise in the rates of diesel in Delhi. In the national capital, petrol was priced at Rs 82.03 per litre, while diesel rates have now escalated to Rs 73.82 on Monday. In Mumbai, petrol and diesel rates were hiked by 21 paise and 31 paise each. Petrol was retailed at Rs 87.50 and diesel was sold at Rs 77.37. Petrol prices had hit an all-time high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4.
On October 5, Union Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre. Additionally, the state-owned oil marketing companies have been mandated to reduce the prices of petrol and diesel by Re 1 a litre, which reduced petrol prices by Rs 2.5 across the country. In BJP-ruled states, the reduction was higher as they matched the cut with a similar decrease in local sales tax or VAT. But the prices were on the rise from the very next day.
Prices of petrol and diesel vary from region to region due to local taxes, as fuel is excluded from the Goods and Services Tax (GST) regime. The increase in transport fuel prices is mainly attributed to the surge in crude oil prices and the decline in value of rupee against US dollar.