Petrol, diesel prices at highest-ever levels on rupee woes

petrol hike

Prices of petrol and diesel continued to increase for the tenth consecutive day today as fuel rates touched a new record high. State-run oil companies increased the price of petrol by 16 paise and that of diesel by 19 paise a litre today.

In Delhi, a litre of petrol now costs Rs 79.31, in Mumbai Rs 86.72, Chennai Rs 82.41 and Kolkata 82.22. Diesel costs Rs 71.34/litre in Delhi, Rs 75.74/litre in Mumbai, Rs 75.39/litre in Chennai and Rs 74.19/litre in Kolkata, according to daily price notification by oil marketing companies.

Led by a spike in global crude oil prices and a fall in rupee, the prices of both petrol and diesel are now at an all-time high. Since 16 August, petrol prices have risen by over Rs 2 per litre while diesel prices have been hiked by Rs 2.61 per litre.

Petrol and diesel’s Retailed prices in India track the global prices of these auto fuels, not crude, although they are broadly linked to crude oil price trends, which have firmed up.

Since the prices of petrol and diesel vary from state to state due to local levies, Congress has demanded that fuel should also be brought under the ambit of goods and services tax (GST) immediately. “Relentless rise in prices of petrol and diesel is not inevitable”.

Arguing that one cannot blame the state government for rising prices, he said the Centre and states must act together and bring petrol and diesel under GST.Andhra Pradesh Chief Minister N. Chandrababu Naidu has blamed the Narendra Modi government for the spike.

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