Prices of petrol and diesel touched new record high with diesel prices reaching an all-time high and petrol proces at 4-year high.
Prices of petrol and diesel touched new record high with diesel prices reaching an all-time high and petrol proces at 4-year high. The prices of petrol and diesel have been shooting up with the start of new fiscal year from Sunday.
According to the daily price revision process, oil marketing firms revise prices everyday at 6 in the morning. In the national capital today, the prices of petrol touched 4-hear high surpassing Sunday's rate.
In New delhi, petrol was selling at Rs 73.83 per litre.
The price of non-branded petrol was increased by 10-11 paise per litre in metro cities today while diesel by 11-12 paise.
While in Kolkata, petrol was at Rs 76.54 and was retailing at Rs 81.69 in Mumbai. The petrol price in Chennai was Rs 76.59.
On the other hand, diesel was at Rs 64.69 a litre in Delhi. While in Kolkata, Mumbai and Chennai it was at Rs 67.38, Rs 68.89 and Rs 68.24 respectively.
The Oil Ministry had earlier this year sought a reduction in excise duty on petrol an diesel to cushion the impact rising international oil rates but Finance Minister Arun Jaitley in his Budget presented on February 1 ignored those calls.
India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.
The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 242,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.
State-owned oil companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- in June last year dumped the 15-year old practice of revising rates on the 1st and 16th of every month . Instead, they adopted a daily price revision system to instantly reflect changes in cost. Since then, prices are revised on a daily basis.
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 "petrol price, diesel prices, Ahmedabad, New Delhi, Kolkata, Dharmendra Pradhan, Chennai, Arun Jaitley")
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