Economy

Diesel and petrol prices rise by around 50 paise per litre

Diesel and petrol prices rise by around 50 paise per litre”

Retail prices of petrol and diesel breached record levels on Friday with Oil Marketing Companies raising rates by 48 paise per litre and 52 paise per litre for the two automobile fuels in the national capital. This makes the latest fuel prices to be the highest ever recorded in the country.

In Mumbai, a litre of petrol costs Rs 87.39 while diesel costs 76.51. The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October past year by Rs 2 a litre.

The prices of a litre of diesel are Rs 72.07 in Delhi, Rs 74.92 in Kolkata, Rs 76.51 in Mumbai and Rs 76.17 in Chennai. A litre of petrol in Delhi now costs Rs 79.99 - a record high. This was then updated on August 27th.

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

The government meanwhile, earns more and more every day from the rising fuel prices. The result is, the centre would have earned over Rs 10 lakh crore from taxes on petrol and diesel between 2014-15 and 2018-19.

Globally, oil prices were stable on Friday, as the market balanced a fall in USA crude inventories to the lowest levels since 2015, with Sino-American trade tensions and economic weakness from emerging markets. Finance Minister Arun Jaitley earlier this week remained non-committal on cutting excise duty to cushion spiralling petrol and diesel prices saying worldwide oil prices are volatile and have not shown any linear movement.



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