Published: Mon, September 10, 2018
Markets | By Otis Pena

Petrol, diesel prices hiked further; check out fuel rates today

Petrol, diesel prices hiked further; check out fuel rates today

Even as the opposition parties called for Bharat Bandh to protest against the soaring fuel prices, the state-owned oil marketing companies (OMCs) have again increased the price of sensitive petroleum products like petrol and diesel in the country on Monday.

Petrol prices were increased to Rs 88.12, Rs 83.61 and Rs 83.91 per litre in Mumbai, Kolkata and Chennai respectively on Monday.

Oil Minister Dharmendra Pradhan on Sunday said that India as a stable economy should avoid any knee-jerk reaction to volatile crude oil prices, indicating no cut in taxes on fuel despite petrol and diesel prices breaching record levels in the national capital. "Now, the crude oil costs $70 per barrel, but the Centre is increasing the petrol and diesel prices abnormally every day", he said. At the same time, the diesel prices too marched ahead and was priced at Rs 78.83 per litre. 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. Besides Delhi, several other key cities have also come under the effect of hiked prices. A similar hike was seen in the case of diesel, now retailing at Rs 75.68/litre.

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"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.

The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹72. The Centre now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel.

Meanwhile, the Rajasthan government announced a four percent reduction in value-added tax (VAT) on petrol and diesel on September 9.

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