Petrol and diesel prices were hiked for the fifth consecutive day across the nation on Sunday. The latest increase that follows the hike in international oil prices has pushed fuel prices across the nation to their new high.
With a hike of ₹0.35, the price of petrol increased to ₹107.59 per litre in the national capital while the price of diesel went up to ₹96.32 per litre with an increase of 35 paisa, too.
In Mumbai, the prices of petrol and diesel for each litre stood at ₹113.46 and ₹104.38, respectively. In Kolkata, petrol costs ₹108.11 while a litre of diesel fetches ₹99.43. Meanwhile,iIn Chennai, the price of petrol is now ₹104.52 and that of diesel is ₹100.59.
In Bengaluru, petrol is available at ₹111.34 per litre and diesel at ₹102.23 and in Hyderabad, petrol is now available at ₹111.91 and diesel costs ₹105.08.
Prices differ from state to state, depending on the incidence of local taxes. The total increase in petrol price since May 5, 2020, decision of the government to raise excise duty to record levels now totals ₹35.98 per litre. The rates of diesel have during this period gone up by ₹26.58 per litre.
{{/usCountry}}Prices differ from state to state, depending on the incidence of local taxes. The total increase in petrol price since May 5, 2020, decision of the government to raise excise duty to record levels now totals ₹35.98 per litre. The rates of diesel have during this period gone up by ₹26.58 per litre.
{{/usCountry}}The government had raised excise duty on petrol and diesel to wipe away gains that would have otherwise accrued to consumers from international oil prices crashing to as low as $19 per barrel. While international prices have since recovered to $85, excise duty has remained at ₹32.9 per litre on petrol and ₹31.8 on diesel, reports news agency PTI.
Oil minister Hardeep Singh Puri on Friday equated demand for cutting excise duty to 'axing one's own feet', saying such levies funded government schemes to provide free Covid-19 vaccines, meals and cooking gas to millions amid the pandemic. "I think this simplistic political narrative we get in India (that), 'prices have gone up, why don't you reduce your taxes'... so every time price goes up due to something else, it says you axe your own feet in the process," he added.