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

09 September, 2018, 10:29 | Author: Mary Valdez
  • Petrol Excise Duty Govt

Petrol and diesel prices shot up once again today by around 50 paise to reach fresh record high levels. An official told the daily that the government can not, "disturb fiscal maths by cutting excise duty on petrol and diesel". Meanwhile, Diesel prices, increased by Rs 0.52 per litre (Rs 72.07 per litre) in Delhi and by Rs 0.55 per litre (Rs 76.51) in Mumbai today. The school bus operators and other federations of the transport industry are also demanding bringing petrol and diesel under the ambit of Goods and Services Tax (GST).

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

On May 28, the diesel rates touched Rs 69.31 per litre which was considerably higher than the previous. Diesel cost Rs 75.96 in the country's commercial capital, compared to Rs 75.74 on Wednesday.

The Congress has chose to call a nationwide bandh on Monday, September 10 over the issue of rising fuel prices. Finance Minister Arun Jaitley mentions that the global prices are volatile.

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The government has been under enormous pressure to cut taxes on fuel as the prices have breached the previous record high hit on May 29.

The weakening of the rupee against the USA dollar has contributed to the continually rising fuel prices. While rising crude oil prices is being posed as one of the reasons behind increasing prices, reportedly, the crude oil prices between the years 2011 to 2013 crossed the $100 mark.

In Kolkata, the price of petrol has been increased to ₹82.88 per litre while the diesel price has gone up to ₹74.92 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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