Petrol is retailing at Rs 86.72 per litre in Mumbai registering a rise of 16 paise from Rs 86.56 on Monday while the price of diesel remained unchanged at Rs 75.74 per litre. "If taxes are cut, prices will decline significantly". In Kolkata, a litre of petrol cost Rs. 82.06, while in Chennai it was priced at Rs. 82.24. On that day, the rate in Mumbai was Rs 86.24 per litre.
The fuel prices have been increasing continuously since the beginning of August on the cue of rising crude oil prices and falling rupee against the USA dollar.
Petrol prices have hit an all-time high in Mumbai.
In Delhi, the fuel is cheapest among all metros and most state capitals in comparison to other cities due to lower sales tax or VAT.
"Relentless rise in prices of petrol and diesel is not inevitable". OPEC had said to increase the production of oil by one million barrel per day but it has been two months (July and August) but they have not done this so far.
Petrol prices went up by Rs 2.17 per litre since August 16, while diesel rates climbed by Rs 2.62, the biggest increase in rates witnessed in any fortnight since the launch of the daily price revision in mid-June past year. "Apart from that, crises in countries like Venezuela and Iran are increasing".
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This takes the worldwide price of crude oil and the value of the rand against the dollar into account.
Fuel prices vary from state to state due to local levies. "Knowing that we can't disturb the fiscal deficit, we should rather be fiscally prudent", the official in the finance ministry said.
The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹71.18 against the US dollar on Monday, compared to the previous close of ₹70.
Pradhan said that the government was planning to put diplomatic pressure.
State-owned oil firms had in mid-June last year dumped the 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.