Published: Sun, September 09, 2018
Money | By Armando Alvarado

Diesel and petrol prices rise by around 50 paise per litre

Diesel and petrol prices rise by around 50 paise per litre

Petrol and diesel prices shot up once again today by around 50 paise to reach fresh record high levels.

In some cities in Maharashtra, petrol prices touched Rs 90 a litre - for instance, in Amravati, Buldhana, where they were selling for Rs 88 and Rs 77 a litre. Diesel cost Rs 75.96 in the country's commercial capital, compared to Rs 75.74 on Wednesday. The petrol prices have gone up by Rs 3.68 per litre while that of diesel is of Rs 4.25 per litre since August 1, 2018. It costs Rs 87.39 in Mumbai.

The government has been under huge pressure to cut taxes on fuel as the prices have breached the previous record high hit on May 29. While the crude oil prices are much lower than what it was in 2013, taxes on petrol and diesel have increased manifold over the years, thereby, raising its prices to new highs. Since the start of daily price revisions in June 2017, this is the first time that fuel prices have risen by such unprecedented amounts in a fortnight's time. Similarly, petrol is being sold for Rs 82.60 per litre in Chennai and the diesel retail price is Rs 75.61 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.

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Prices have been on fire since mid-August, rising nearly every day due to a combination of a drop in rupee value and rise in crude oil rates. Finance Minister Arun Jaitley mentions that the global prices are volatile. In Delhi, petrol costs Rs 79.99 and diesel Rs 72.07.

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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