Petrol, diesel prices reach new high on Friday

Fuel prices again rise to record highs as rupee continues to weaken against the US dollar

Reuters

In the national capital, petrol cost 48 paise higher at Rs 79.99 per litre, whereas diesel per litre is charged at Rs 72.07, with a hike of 52 paise.

Petrol prices were increased to Rs 87.39, Rs 86.41 and Rs 83.13 per litre in Mumbai, Kolkata and Chennai respectively on Thursday.

On Wednesday, Finance Minister Arun Jaitley was 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. Finance Minister Arun Jaitley mentions that the global prices are volatile. The reasons for the same is mainly two-fold: drop in the value of rupee and rise in crude oil prices.

The Congress has chose to call a nationwide bandh on Monday, September 10 over the issue of rising fuel prices.

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The consistent hike in fuel prices has led the opposition parties to blame the Modi government for mismanagement.

The relentless price hike has once again brought the question of the government cutting excise duty to the fore. Motor fuels were way costlier in Mumbai and other cities in states with heavier local tax rates.

In Kolkata, the price of petrol has been increased to ₹82.88 per litre while the diesel price has gone up to ₹74.92 per litre. Also, crude oil prices have gained $7 a barrel in a fortnight.

The prices of petrol and diesel touched a new high on Thursday with Mumbai paying the maximum among the four metros. 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.

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