Petrol price in Delhi is just 3 paise short of hitting Rs 78 a litre as fuel prices were hiked for the 13th day. Petrol and Diesel prices were hiked between 13-15 paise on Saturday even as international oil prices slumped on the news of possible relaxation of supply curbs. Petrol price in Delhi was Delhi Rs 77.97 a litre; Kolkata Rs 80.61; Mumbai Rs 85.78; Chennai Rs 80.95. Diesel price in Delhi was Delhi Rs 68.90 a litre; Kolkata Rs 71.45; Mumbai Rs 73.36; Chennai Rs 72.74.
Petrol and diesel prices began surging after a 19-day hiatus ahead of Karnataka polls. While prices in India were hiked on Saturday, international oil prices fell more than $2 per barrel as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest since 2014.
To provide relief to people, BJP leaders Devendra Fadnavis and Nitin Gadkari have advocated for bringing petrol and diesel under the ambit of Goods and Services Tax (GST). The government earlier this week said that a plan is being worked to control the frequent fuel price volatility.
The government is still deciding on the long-term solutions on rising fuel prices, Law Minister Ravi Shankar Prasad briefed reporters after a cabinet meet on Wednesday. Explaining the rationale behind imposing taxes on fuel, the minister said that the money collected from excise is being used to build infrastructure in the country.