Economy

Petrol, Diesel Prices Rise In Metros Despite Cuts; Check Rates Here

Petrol, Diesel Prices Rise In Metros Despite Cuts; Check Rates Here

As of Thursday, petrol prices in Delhi had climbed to ₹84 per litre and ₹91.34 in Mumbai; diesel was being sold at ₹75.45 and ₹80 in Mumbai.

Jaitley said the move followed Brent crude oil touching four-year high of United States dollars 86 a barrel Wednesday and interest rates in USA reaching seven-year high.

PTI The government has chose to cut Rs 2.50 per litre on both petrol and diesel.

Thank you Hon PM @narendramodi ji and Union Minister @arunjaitley ji for reducing ₹2.50/litre on both Diesel and Petrol.

The Bihar government lowered the value added tax (VAT) on petrol and diesel on Friday which made these fuels cheaper by Rs 2.52 and Rs 2.55 a litre, respectively.

The RBI said that the state-owned oil companies can raise external commercial borrowings (ECBs) for working capital with minimum average maturity of 3-5 years and they don't have to mandatorily hedge all ECBs.

Several states had announced reduction in fuel prices by cutting sales tax/VAT.

In Kolkata, petrol prices rose to Rs 83.52, whereas diesel prices were at Rs 75.09.

It is only the worldwide factors, primarily rising prices of crude and domestic policy and other measures like the interest rate hike by the United States, which have affected India, Jaitley said adding domestic indicators were strong and stable. Petrol prices were regulated until 2012, while diesel prices remained so until 2014. If the Centre is serious, it should reduce the tax to what it was when it assumed office.

This reduction in petrol prices was needed, as Maharashtra recently breached Rs 90 per litre mark, and speculations were rife that the price of petrol will soon touch Rs 100. The prices came down following Union Government's decision on Thursday to cut down the excise duty Monday fuel in the wake of falling rupee and increasing crude prices. Diesel prices in the city however saw an effective decline of 70 paise, falling to Rs 76.75 per litre. Absorbing this Rs 10,500 crore in increased collection and maintaining fiscal deficit I am confident we will be able to do that.


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