Petrol, diesel prices hit new highs, rise for 9th consecutive day

Fuel price hike: Petrol, diesel prices again breach record levels

New Delhi: Retail prices of petrol and diesel breached record levels on Tuesday with Oil Marketing Companies (OMCs) raising rates by 16 paise per litre and 19 paise per litre, respectively, for the two automobile fuels.

Post the price hike, non-branded petrol was priced at Rs 79.31 per litre in Delhi while diesel costs Rs 71.34 per litre – the highest-ever prices recorded in the country’s history.

Since August 16, petrol pries have risen by over Rs 2 per litre. Diesel prices on the other hand have risen by Rs 2.56 a litre during this period. Diesel rates had hit Rs 69.31 a litre on May 28, but this record was breached on August 27 and they have hit a fresh high today.

The consistent hike in fuel prices has led the opposition parties to blame the Modi government for mismanagement. Former finance minister P Chidambaram on Monday asked the government to bring petrol and diesel under GST.

Petrol prices were increased to Rs 86.72, Rs 82.22 and Rs 82.41 per litre in Mumbai, Kolkata and Chennai respectively on Tuesday.

Diesel prices in the three cities were also raised today to Rs 75.74, Rs 74.19 and Rs 75.39 per litre, respectively.

"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," he said.

The spike in rates is on account of exchange rate falling to a record Rs 71 to a dollar, depreciating by Rs 2.5 in a month. Also, crude oil prices have gained $7 a barrel in a fortnight.



News Courtesy: economictimes.indiatimes