Petrol, diesel prices continue to surge, rise to three-week high

Modi Government Blinks on High Fuel Prices Cuts Excise Duty on Petrol and Diesel

The price for petrol was hiked by 18 paise per litre whereas the price of Diesel saw a rise of 29 paise per litre. Petrol in the city is retailing at Rs 83.52 per litre while diesel price stands at Rs 75.09 per litre.

In Mumbai, petrol and diesel rates were hiked by 21 paise and 31 paise each.

Nationalist Congress Party's Leader of Opposition in the Legislative Council Dhananjay Munde criticized the belated decision and reiterated that petrol-diesel must be brought under GST for providing genuine relief to the people.

Since mid-August, the prices of petrol and diesel increased by Rs 6.86 per litre and Rs. 6.73 per litre, respectively.

Even as the Centre announced a cut in excise duty on Thursday to bring down the fuel price, petrol and diesel prices continued the upward trend for another day on Monday.

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Delhi, which did not cut VAT on fuel, still has the cheapest fuel in all metros and bulk of state capital as it levies lower taxes.

Earlier this week on Thursday, Finance Minister Arun Jaitley announced that the Centre will cut excise duty on petrol and diesel by Rs 1.5 and OMCs will absorb Re 1 on the prices.

In India, nearly half of the price of retail fuel is due to taxes. Central excise duty on petrol and diesel was Rs 9.23 and 3.46 per litre respectively before 2014. However, the Central government had requested the States to reduce Value-Added Tax imposed by them on petrol and diesel to give relief to consumers.

Since yesterday, prices of auto fuels declined the most in Assam and Madhya Pradesh, followed by Jammu & Kashmir, Chhattisgarh and Arunachal Pradesh.

The hike in duties in 2014-16 had led to excise collections from petro goods rising from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18.

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