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

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

On Friday, petrol sold at Rs 87.39 a litre, while diesel cost Rs 76.51 a litre. An official told the daily that the government can not, "disturb fiscal maths by cutting excise duty on petrol and diesel". Meanwhile, people in Mumbai are purchasing petrol at Rs 87.39 per litre and while diesel is being sold at Rs 76.51 per litre. While the crude oil prices are much lower than what it was in 2013, taxes on petrol and diesel have increased manifold over the years, thereby, raising its prices to new highs.

The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹72.12 against the US dollar on Thursday, while price of Brent oil was hovering around $78 a barrel. Petrol at Rs 79.99 per litre has nearly touched 80-mark in Delhi. Since the start of daily price revisions in June 2017, this is the first time that fuel prices have risen by such unprecedented amounts in a fortnight's time.

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On Tuesday, former Finance Minister P Chidambaram had stated that the "Relentless rise in prices of petrol and diesel is not inevitable". "Although fuel prices are going up by 50 paise a day, we cannot ask our clients to increase contract value daily, as this can only be done in case of a quarterly review". The price of diesel rose from Rs 71.34 per litre to Rs 71.55. On Wednesday, Finance Minister Arun Jaitley had said that there was no need for a "knee-jerk" reaction to the rising prices of global crude oil.

Since mid-August, petrol price has risen by Rs 2.85 a litre and diesel by Rs 3.3 per litre as rupee hit record low against the U.S. dollar, making imports costlier.

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