Petrol prices soared to fresh record highs on Thursday across the four metros. In case of national capital Delhi, petrol price rose above Rs 79.50. One litre of petrol is selling for Rs 79.51 in Delhi, up by 20 paise since Tuesday. Petrol is retailing at Rs 86.91 in Mumbai, implying a hike of 19 paise from the earlier high. Petrol is priced at Rs 83.13 for one litre in Kolkata and Rs 83.62 per litre in Chennai, data sourced from IOC app revealed. The revised rates are applicable from 6 am from today. Petrol prices were on the rise for 10 consecutive days until Wednesday, when they remained unchanged.
The opposition has hit out the the Narendra Modi-led government and called for an excise duty cut. “Relentless rise in prices of petrol and diesel is not inevitable. Because the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly,” former finance minister P Chidambaram had said on Twitter, earlier this week.
Until yesterday, petrol prices have increased by Rs 2.17 per litre since August 16 while diesel rates have climbed by Rs 2.62 — the biggest increase in rates witnessed in any fortnight since the launch of daily price revision in mid-June last year.“We already know that there will be a hit on current account. Knowing that we can’t disturb the fiscal deficit, we should rather be fiscally prudent,” a finance ministry official told The Financial Express. On Sunday, Union Petroleum and Natural Gas Minister Dharmendra Pradhan had blamed “external factors” for the rise in domestic prices of petrol and diesel but said the increase is temporary.