Fuel prices will burn holes in pockets as diesel prices hit a new high of Rs 61.74 per litre on Monday. The petrol prices have crossed Rs 71 per litre, responding to the upward surge in the international oil rates.
Petrol price climbed to Rs 71.18 per litre in Delhi on Monday, the highest since August 2014, reports PTI. The price of petrol went up by 12 paise per litre and that of diesel by 18 paise on the day.
Diesel prices rose to the highest level of Rs 61.74 per litre in the national capital, Delhi. It is being sold at Rs 65.74 in Mumbai, where the local sales tax or VAT rates are higher.
Fuel prices have been on the rise since December 12, 2017. The hike in fuel prices has renewed the clamour for a cut in the excise duty on petrol and diesel. The Modi government has lowered excise duty on petrol and diesel only once in its tenure.
In October 2017, when petrol price had touched Rs 70.88 per litre in Delhi and diesel was priced at Rs 59.14, the government had cut exercise duty by Rs 2 per litre. After the excise duty cut, diesel prices had on October 4, 2017, come down to Rs 56.89 and petrol to Rs 68.38 per litre.
When compared to other metros in the country, the price of petrol and diesel in Delhi is the lowest of all.
In Jule 2017, state-owned oil companies started changing their petrol and diesel prices each day based on international market rates of crude oil and foreign exchange rates. Earlier, the fuel retailers used to revise the fuel prices on the 1st and 16th of each month, on the basis of the average price of crude oil and foreign exchange rate of the preceding 15 days.