Diesel and petrol prices rise by around 50 paise per litre

Gladys Abbott
September 9, 2018

Petrol price stood just a paisa short of Rs 80 a litre for the first time ever and diesel shot up to Rs 72.07 on Friday in Delhi, where local taxes are among the lowest in the country.

In Chennai, petrol cost Rs 82.62 on Thursday as compared to Rs 82.41 on Wednesday. While petrol costs ₹87.39 a litre, diesel is priced at ₹76.51 a litre, an increase of 48 paisa and 55 paisa respectively over Thursday's price. The school bus operators and other federations of the transport industry are also demanding bringing petrol and diesel under the ambit of Goods and Services Tax (GST).

Opposition Congress has demanded that the Centre cut excise duty as was done by previous governments, which cut rates whenever worldwide oil prices shot up.

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The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹72.12 against the US dollar on Thursday, while price of Brent oil was hovering around $78 a barrel. Finance Minister Arun Jaitley mentions that the worldwide prices are volatile.

The weakening of the rupee against the United States dollar has contributed to the continually rising fuel prices. On Wednesday, Finance Minister Arun Jaitley had said that there was no need for a "knee-jerk" reaction to the rising prices of global crude oil. Petrol prices in 2013 also soared, crossing Rs 76 per litre.

Mumbai has the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel. 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.

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