The prices of petrol and diesel are touching new highs with every passing day. On Monday the highest retailing petrol price was in Mumbai at Rs 82.35 for a litre while on Tuesday diesel price is at its highest ever level recorded in Delhi.
The prices of petrol and diesel are touching new highs with every passing day. On Monday the highest retailing petrol price was in Mumbai at Rs 82.35 for a litre while on Tuesday diesel price is at its highest ever level recorded in Delhi. According to Indian Oil's website, diesel prices were at Rs 65.93 per litre in Delhi, Rs 68.63 per litre in Kolkata, Rs 70.20 per litre in Mumbai and Rs 69.56 per litre in Chennai.
Following is the complete list of Tuesday's petrol price in country's major cities.
| Petrol Prices |
| Delhi |
74.63 |
| Kolkata |
77.32 |
| Mumbai |
82.48 |
| Chennai |
77.43 |
| Faridabad |
75.39 |
| Gurgaon |
75.15 |
| Noida |
75.87 |
| Ghaziabad |
75.76 |
Meanwhile, the President of Garment Manufacturers and Wholesale Association of Telangana, Pavan Bansal, on Monday said that the recent rise in diesel prices was affecting the garment industries all over the country.
Speaking to ANI, Bansal said, "Diesel rates have increased more than Rs. 10 in the last four years. This will impact the garment industry negatively raising the product of the price of the materials. It will lead to huge losses for the traders."
He added that diesel was an important commodity for the industries as it was more affordable than petrol.
Earlier on Monday, it was reported that the finance ministry is not in favour of cutting excise duty on petrol and diesel to provide relief to the common man from spike in their prices but wants states to cut sales tax or VAT on fuel, a senior official said today.
Petrol price today hit a 55-month high of Rs 74.50 a litre, while diesel rates touched a record Rs 65.75, renewing calls for a cut in excise duty to ease the burden on consumers.
The finance ministry official said however that a reduction in excise duty, which makes up for a quarter of retail fuel price, is not advisable if the government is to stick to the path of reducing budgetary deficit.
"Excise duty cut would be a political call, but is not advisable if we have to stick to the fiscal deficit glide path outlined in Budget," he said.
The government is targeting reducing fiscal deficit to 3.3 per cent of the gross domestic product (GDP) in the current fiscal, from 3.5 per cent last fiscal.
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 "Petrol, diesel prices hit new high since Sept 2013: Check out rates in your city")
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