Fuel on fire: Petrol 1 paisa short of Rs 80 in Delhi

Petrol prices in major cities since August 5

Petrol prices in major cities since August 5

A litre of petrol in Delhi now costs Rs 79.99 - a record high. In Kolkata, petrol costs Rs 82.88 and diesel Rs 74.92. Post the hike, petrol is priced at Rs 86.9 per litre in Mumbai while diesel is available at Rs 76 per litre.

On Wednesday, Finance Minister Arun Jaitley was remained non-committal on cutting excise duty to cushion spiralling petrol and diesel prices, saying global oil prices are volatile and have not shown any linear movement. Harsh Kotak, a leader of bus operators in Mumbai, said this was the first time the price has gone up 50 paise a day since June 2017, when the government began revising fuel prices every day.

Nearly half of the retail selling price of the two fuel is made up of central and state taxes. Diesel prices on the other hand have risen by Rs 4.25 a litre during this period. Diesel cost Rs 75.96 in the country's commercial capital, compared to Rs 75.74 on Wednesday. The present petrol and diesel prices in Bangalore are Rs 82.1 per litre and Rs 73.9 per litre while that in Chennai are Rs 82.6 per litre and Rs 75.6 per litre.

Fuel prices have been on the rise since mid-August, going up nearly every day, owing to a weak rupee and a rise in crude oil prices.

State-owned oil firms had in June previous year discarded the policy of changing fuel rates on the first and 16th of every month, and resorted to daily price revision instead.

On Tuesday, former Finance Minister P Chidambaram had stated that the "Relentless rise in prices of petrol and diesel is not inevitable". Additionally, prices in Delhi are the cheapest among all metros mainly due to lower Value-Added Tax rates, and Mumbai has the highest Value-Added Tax on petrol at 39.12%.

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