Petrol, diesel prices reach new high on Friday

Petrol, diesel prices reach new high on Friday

A litre of petrol in Delhi now costs Rs 79.99 - a record high. Meanwhile, people in Mumbai are purchasing petrol at Rs 87.39 per litre and while diesel is being sold at Rs 76.51 per litre.

Diesel prices have gone up by almost Rs 4 per litre in over a month across all metro cities. An official told the daily that the government can not, "disturb fiscal maths by cutting excise duty on petrol and diesel". 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).

Continuing its surge, fuel prices soared again on Friday in Mumbai and Delhi, causing distress among vehicle owners and commuters.

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Petrol and diesel price were Friday hiked by about 50 paisa per litre each - the steepest increase in rates since daily price revision came into effect over 14 months back - to push rates to their highest ever.

On Tuesday, former Finance Minister P Chidambaram had stated that the "Relentless rise in prices of petrol and diesel is not inevitable". Diesel cost Rs 75.61 per litre against Rs 75.39 on Wednesday. The reasons for the same is mainly two-fold: drop in the value of rupee and rise in crude oil prices. It is said that the hike in fuel prices has encouraged the opposition parties to hold the Modi government responsible for mismanagement of prices. 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. Also, crude oil prices have gained $7 a barrel in a fortnight.

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