Petrol, Diesel Prices At Fresh Record Highs; Andhra Announces Cuts

Mae Love
September 10, 2018

It gained 22 paise to Rs 83.61 per litre.

Since 1 August, petrol prices have risen by Rs 4.42 per litre and diesel prices have risen by Rs 5.01 a litre in the national capital, on the back of a depreciating rupee against the dollar and an increase in global fuel prices. On Saturday, the fuel prices jumped to new record highs with a litre of petrol costing Rs 80.38 per litre and Rs 72.51 per litre that for Diesel in Delhi.

Pradhan had in May this year - when petrol, diesel prices had reached their earlier peaks - said that the government is working on a long-term solution to reign in fuel prices when they reach uncomfortable levels. The petrol price in Mumbai continues to inch closer to Rs 90.

In Mumbai, Petrol & Diesel prices are Rs.87.77 per litre & Rs.76.98 per litre, respectively.

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To protest against rising prices of essential commodities, Congress and other opposition parties have called for a Bharat Bandh across the country.

Since mid-August, petrol price has risen by Rs 3.42 a litre and diesel by Rs 3.84 per litre as rupee hit record low against the USA dollar, making imports costlier. The spike in prices has renewed calls for cut in excise duty but Finance Minister Arun Jaitley has remained non-committal, saying worldwide oil prices are volatile and have not shown any linear movement. Oil marketing companies (OMCs) raised petrol and diesel prices across the four metros cities. The continuous rise in diesel prices has complicated matters for truckers.

"Since the central government is not responding on (reducing the) petrol prices, Naidu is doing the exercise to give relief to the public", sources in the TDP said. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where 6 per cent sales tax is charged on both the fuels.

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