Diesel and petrol prices rise by around 50 paise per litre

On Friday fuel prices were increased by nearly 50 paise. In Delhi petrol was being sold at Rs 79.99 per litre while diesel was priced at Rs 72.07

Nothing new, right? Well, the latest prices of non-branded petrol after the hike is Rs 79.99 per litre in Delhi and the same for diesel is Rs 72.07 per litre. In Kolkata, petrol costs Rs 82.88 and diesel Rs 74.92.

In Mumbai, Chennai and Kolkata, petrol per litre is Rs 87.39, Rs 83.13 and Rs 82.88.

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. Since the start of daily price revisions in June 2017, this is the first time that fuel prices have risen by such unprecedented amounts in a fortnight's time.

Fuel prices in India have gone up again.

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Nearly half of the retail selling price of the two fuel is made up of central and state taxes.

On Tuesday, former Finance Minister P Chidambaram had stated that the "Relentless rise in prices of petrol and diesel is not inevitable".

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 a year ago by Rs 2 a litre. While rising crude oil prices is being posed as one of the reasons behind increasing prices, reportedly, the crude oil prices between the years 2011 to 2013 crossed the $100 mark. For petrol prices, there has been a surge of over Rs 3 per litre since August 5.

Diesel prices have gone up by almost Rs 4 per litre in over a month across all metro cities.

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