Hike in fuel prices continue; petrol at Rs 82.72 in Delhi, Rs 88.18 in Mumbai

Hike in fuel prices continue; petrol at Rs 82.72 in Delhi, Rs 88.18 in Mumbai on Sunday.

Hike in fuel prices continue; petrol at Rs 82.72 in Delhi, Rs 88.18 in Mumbai

NEW DELHI: The fuel prices rose on Sunday again with petrol being sold at 82.72 per litre and diesel at Rs 75.38 per litre in the national capital.

In Mumbai, petrol was priced at Rs 88.18 per litre which is a hike of Rs 0.6 and diesel was at Rs 79.02 per litre at a rise of Rs 0.20.

On Friday, petrol was retailed 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.

Prime Minister Narendra Modi also held a discussion with Finance Minister Arun Jaitley and Petroleum Minister Dharmendra Pradhan on rising fuel prices on Friday.

The Centre had recently announced a cut of Rs 2.50 in the prices of both petrol and diesel. 

The move came amid the petrol breaching the psychological mark of Rs 90 in Mumbai and Rs 84 in the national capital. 

Making the announcement, Finance Minister Arun Jaitley had said, “Excise duty to be reduced by Rs 1.50 and OMCs will absorb 1 rupee. So, a total of Rs.2.50 will be reduced on both diesel and petrol.”

Soon after the announcement, the NDA-led governments in 13 states — Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh, Tripura, Jharkhand, Assam, Arunachal Pradesh, Himachal Pradesh, Haryana, Uttarakhand, and Goa — followed the Centre’s suit and announced a cut of Rs 2.50 per litre in fuel prices. Jammu and Kashmir, which is currently under Governor’s rule, also announced a reduction of Rs 2.50 on fuel prices.

Opposition parties had been attacking the Modi government over the rising fuel prices. 

A nationwide shutdown was also called against this last month.

A one rupee per litre cut in excise duty results in over Rs 14,000 crore of revenue loss to the centre on an annualised basis.

Almost half of the fuel price is made up of taxes. The Centre levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) – the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuels.