Fuel prices continued to rise on Tuesday, with petrol approaching the Rs 81 mark in New Delhi at Rs 80.87 in the national capital. Similarly, diesel was priced at Rs 72.97 in Delhi.
The price in Mumbai, too, continued to rise, with petrol touching Rs 88.26/litre (increase by Rs 0.14/litre) and diesel at Rs 77.47/litre (increase by Rs 0.15/litre) in Mumbai.
The Centre on Monday ruled out a cut in taxes in fuel, saying that neither they nor some states had the appetite to stomach revenue loss from such a move, a top government official said Monday.
While a cut in excise duty that the central government levies will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT), the official, who wished not to be identified, said.
The government, he said, anticipates that international oil prices, which together with a drop in the value of rupee has been fuelling the fuel price rise to record levels, will moderate in coming days to take pressure off.
The comments come on a day when opposition parties held nationwide protests against record high petrol and diesel prices. Prices in Delhi, where rates are the cheapest among all metros and most state capitals because of lower VAT, saw petrol touch an all-time high of Rs 80.73 per litre Monday while diesel scaled to new high of Rs 72.83 a litre.
On Monday, as many Opposition parties led by Congress took part in the Bharat Bandh over rising fuel and petrol prices, Andhra Pradesh Chief Minister Chandrababu Naidu announced a reduction in petrol and diesel price by Rs 2 each.
Fuel prices continued its northward march on Monday with petrol and diesel being sold at Rs 80.73 and Rs 72.83 per litre in the national capital. This comes at a time when host of opposition parties led by Congress, are holding Bharat Bandh against the Bharatiya Janata Party-led Government at the Centre.
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