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Petrol, diesel price hiked by steepest level in a year; rates at record high

Saturday, September 08, 2018

Petrol and diesel price were yesterday hiked by about 50 paisa per litre each - the steepest increase in rates since daily price revision came into effect over 14 months back - to push rates to their highest ever.

Petrol price was hiked by 48 paisa per litre and diesel by 47 a litre, according to price notification issued by state fuel retailers. A litre of petrol in Delhi now costs Rs 79.99 - a record high. It costs Rs 87.39 in Mumbai.

Diesel is now priced at Rs 72.07 a litre in Delhi and Rs 76.51 per litre in Mumbai. Opposition parties have announced nationwide strikes and protests next week over record-high fuel prices which they blame on high taxes.

On Wednesday, Finance Minister Arun Jaitley was remained non-committal on cutting excise duty to cushion spiralling petrol and diesel prices, saying international oil prices are volatile and have not shown any linear movement.

Since mid-August, petrol price has risen by Rs 2.85 a litre and diesel by Rs 3.3 per litre as rupee hit record low against the US dollar, making imports costlier. Opposition Congress has demanded that the Centre cut excise duty as was done by previous governments, which cut rates whenever international oil prices shot up.

Almost half of the retail selling price of the two fuel is made up of central and state taxes. Prices have been on fire since mid-August, rising almost every day due to a combination of a drop in rupee value and rise in crude oil rates.

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