Petrol, diesel prices rise by about 50 paise. Check today’s rate

Ivan Schwartz
September 9, 2018

For the second consecutive day on September 7, the fuel prices have touched a record high with petrol prices rising to Rs 79.99 per litre in the national capital and Rs 87.39 per litre in Mumbai. An official told the daily that the government can not, "disturb fiscal maths by cutting excise duty on petrol and diesel".

Diesel is now priced at Rs 72.07 a litre in Delhi and Rs 76.51 per litre in Mumbai. Petrol at Rs 79.99 per litre has nearly touched 80-mark in Delhi. On September 5, Finance Minister Arun Jaitley, too, said that the global oil prices remained volatile and have not shown any linear movement and hence, the government remains non-committal on cutting excise duty, reported the daily.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October past year by Rs 2 a litre.

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India imports about 80% of its crude oil, and the falling Indian rupee will make the imports costlier and lead to a rise in fuel prices.

The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹72.12 against the USA dollar on Thursday, while price of Brent oil was hovering around $78 a barrel. Due to a surge in fuel prices, there is also a hike in the prices of other things. He also did not comment anything on reducing the excise duty to counter the steep rise in the fuel prices. The price of diesel rose from Rs 71.34 per litre to Rs 71.55.

Diesel prices have gone up by almost Rs 4 per litre in over a month across all metro cities.

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