Fuel prices hiked by 80 paise; petrol above Rs 119 in Mumbai
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre each, taking the total increase in rates in the last two weeks to Rs 9.20 per litre.
Following the latest price revision, petrol in Delhi is now retailing at Rs 104.61 a litre while diesel is selling at Rs 95.87.
Rates have been increased across the country and vary from state to state, depending upon the incidence of local taxation.
In Mumbai, the price of petrol was held unchanged at an all-time high of Rs 119.67 per litre. Diesel price also continues to be at Rs 103.92 a litre, the highest among metros.
In Kolkata, petrol is being retailed at Rs 114.28 while diesel costs Rs 99.02 per litre. In Chennai, petrol is available at Rs 110.09 and diesel for Rs 100.18.
This is the 13th increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22. In all, petrol and diesel prices have gone up by Rs 9.20 per litre.
Prices are set to be raised further given the sharp jump in crude oil prices in the international markets. It will have a cascading impact on the prices of other items and lead to inflationary pressure and hurt growth while also impacting the prices of other items.
Notably, on November 3 last year, the Centre had cut excise duty by Rs 5 per litre on petrol and Rs 10 per litre on diesel to bring down the retail prices across the country. Following this, several state governments had reduced Value-Added Tax (VAT) on petrol and diesel to provide relief to people.
(With inputs from Agencies)
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