Posted on : September 5, 2018

Prices of petrol and diesel, which had increased consecutively for the last 10 days till yesterday, did not increase today. Oil marketing companies have kept the same rates as yesterday but prices still remain at an all-time high on account of rising global crude oil prices and the falling exchange rate of rupee.

In Delhi, a litre of petrol 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.

Amid concerns over inflationary pressure over rising fuel cost, the government has refused to cut down excise duty on petrol and diesel to ease pressure on oil companies. Finance ministry says it cannot disturb fiscal maths further as the current account deficit is already under pressure because of rupee exchange rate which is already above Rs 71 against the US dollar.

Opposition parties are trying to put pressure on the Narendra Modi government to cut down levies as almost half of the retail price of both petrol and diesel constitutes of taxes, both from the state and central government.

Since the last three weeks, petrol, diesel prices have been rising almost every day. Cumulatively, petrol prices has increased by Rs 2.17 per litre since August 16 while diesel rates have climbed by Rs 2.62.(Story Courtesy: LiveMint)