Since mid-August, petrol price has risen by Rs 3.24 a litre and diesel by Rs 3.74 per litre as rupee hit record low against the US dollar, making imports costlier. (Express photo)
Petrol prices on Sunday rose by Rs 0.12 per litre in both New Delhi and Mumbai for the fourth consecutive day. While petrol is retailing at Rs 80.50 per litre in the national capital, it is being sold at Rs 87.89 per litre in Mumbai.
Diesel rates also registered a similar increase in both the metro cities. In Delhi, diesel rate touched its highest level of Rs 72.61 per litre; it was Rs 77.09 per litre in Mumbai.
To protest against the spiralling fuel prices, opposition parties have called for a ‘Bharat Bandh’ on Monday. The surge in rates has renewed calls for a cut in excise duty but Finance Minister Arun Jaitley has remained non-committal, saying international oil prices are volatile and have not shown any linear movement.
Since mid-August, petrol price has risen by Rs 3.24 a litre and diesel by Rs 3.74 per litre as rupee hit a record low against the US dollar, making imports costlier. This is the biggest increase in rates in any fortnight since the daily price revision was introduced in mid-June last year.
Almost half of the retail selling price of the two fuels is made up of central and state taxes.
On Tuesday, former Finance Minister P Chidambaram had tweeted: “Relentless rise in prices of petrol and diesel is not inevitable. Because the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly.”
(With agency inputs)
with the Express Morning Briefing