Fuel prices, scaled a new record level today after oil marketing companies (OMCs) raised petrol and diesel rates across four metros cities. Petrol prices crossed Rs. 88 per litre in Mumbai today.
According to price notification of state-owned fuel retailers, petrol is retailing at a price of Rs. 80.73 per litre in Delhi.
A litre of petrol is vending at Rs. 88.12 in Mumbai, Rs. 83.91 in Chennai and Rs. 83.61 in Kolkata. Diesel can be purchased today at a price of Rs. 72.83 per litre in Delhi.
Diesel is selling at Rs. 77.32 per litre in Mumbai, Rs. 76.98 per litre in Chennai and Rs. 75.68 per litre in Kolkata.
Except for a halt on September 5, fuel prices have been hiked almost daily across India over the past few weeks.
The drop in rupee value and rise in crude oil rates are mainly responsible for the rise in fuel prices, reported.
According to a recent report, the government will not cut excise duty on petrol and diesel to cushion spiralling prices, as it has limited fiscal space available to take any dent in revenue collections. The opposition called for a nationwide strike today to protest the rising prices.
Meanwhile, Rajasthan Chief Minister Vasundhara Raje announced a four-per cent reduction in value-added tax (VAT) on petrol and diesel on Sunday, which will reduce their prices by Rs. 2.5 per litre in the state. VAT on petrol will be reduced from 30 to 26 per cent and on diesel from 22 to 18 per cent, said.
On the other hand, oil prices rose on Monday as US drilling for new production stalled and as the market eyed tighter conditions once Washington’s sanctions against Iran’s crude exports kick in from November.
Asian shares started the week in the red on Monday, faltering for the eighth straight day as U.S. President Donald Trump threatened yet more import tariffs on Chinese goods.>