Petrol, Diesel Prices Rise In Metros Despite Cuts; Check Rates Here

Daniel Fowler
October 8, 2018

The diesel consumers in the state will get a relief of Rs 4.06 per litre as the Centre has already reduced the prices on the fuel by Rs 2.50 per litre.

With a price hike of 24 paise, petrol in Delhi is now selling at Rs 81.74 per litre.

The announcement by states came after the Centre made a decision to reduce petrol and diesel prices by Rs 2.50 per litre on Thursday.

Except for Mumbai, diesel prices are up by around 30 paise across the cities.

Petrol and diesel rates are decided on a daily basis by oil-marketing companies on the basis of the rupee-dollar rate and global crude oil prices. Petrol and diesel rates in Hyderabad were at Rs 86.59 and Rs 79.67 respectively.

In India, nearly half of the price of retail fuel is due to taxes.

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They were later joined by Chhattisgarh, Jharkhand, Tripura, Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Haryana Assam, Uttarakhand, Goa and Arunachal Pradesh with similar moves.

Jaitley appealed to the states to match the Centre's effort by reducing value-added tax or VAT by Rs. 2.50 so that the total benefit to citizens is at least Rs. 5.

The reduction in excise duty, only the second in four years of BJP-led NDA rule, will dent central government revenues by Rs 10,500 crore and was aimed at cooling retail prices that had shot up to an all-time high.

Just after the BJP government came into power on May 26, 2014, the prices of petrol and diesel in Delhi were Rs. 71.51 and Rs 57.84 respectively. Chandigarh has reduced the fuel prices by Rs 1.50.

The hike in duties in 2014-16 had led to excise collections from petro goods rising from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. Finance Minister Arun Jaitley on Saturday assured the markets that the government would not go back to regulating fuel prices.

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