Petrol and diesel prices register yet another minor rise

Fuel prices have been steadily rising each day despite a cut in central taxes last week.

Petrol and diesel prices register yet another minor rise
File photo

New Delhi: Petrol and diesel prices across the country saw another rise with the fuels retailing for Rs 82.48 and Rs 74.90 per litre in the national capital on Friday.

Fuel prices have been steadily rising each day despite a cut in central taxes last week. Several states too cut on levies but a strong dollar and factors in the international market have resulted in the daily price revision by oil companies continuing to see an upward swing.

On Friday, petrol was at Rs 87.84 per litre in Mumbai, a city which had seen the figure cross Rs 90 per litre before the central and state government cut back on taxes. Here, diesel was at Rs 78.51 per litre on the same day.

Earlier in the week, 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.

With key state elections around the corner and the Lok Sabha elections scheduled for early next year, fuel prices could become a major point of debate between the BJP and rival parties which have been demanding that fuel prices be brought under Goods and Services Tax (GST).

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