Diesel price hiked across country, petrol remains stagnant

Diesel prices continued to skyrocket across the country, despite the Centre announcing a rebate of Rs 2.50 per litre earlier this month. 

In the national capital, the fuel was being sold at Rs 74.35 per litre after a hike of Rs 0.24 per litre, while in Mumbai diesel price stood at Rs 77.93 following an increase of Rs 0.25 per litre.

Petrol prices in all four metros remained same on Wednesday.

Prices of non-branded petrol in metro-cities

Cities	(Rs/litre)
New Delhi	82.26
Kolkata	84.09
Mumbai	87.73
Chennai	85.50

Prices of non-branded diesel in metro-cities

Cities	(Rs/litre)
New Delhi	74.35
Kolkata	76.20
Mumbai	77.93
Chennai	78.61

Source: IOCL website

Finance Minister Arun Jaitley had announced a cut of Rs 2.50 per litre on both petrol and diesel prices and directed the state governments to implement the same. Several states are yet to implement the same. 

Meanwhile, global credit ratings, research and risk analysis firm Moody`s Investors Service on Tuesday said the recent reduction in excise cuts on petrol and diesel will "create material downside risks" to the central government`s fiscal deficit target.