Fuel price hike: Petrol, diesel prices breach record levels on Friday

Petrol and diesel prices continued to rise for the second consecutive day on Friday

Petrol and diesel prices continued to rise for the second consecutive day on Friday

On Friday, petrol sold at Rs 87.39 a litre, while diesel cost Rs 76.51 a litre. Meanwhile, Diesel prices, increased by Rs 0.52 per litre (Rs 72.07 per litre) in Delhi and by Rs 0.55 per litre (Rs 76.51) in Mumbai today.

In 2018, petrol prices are up by about 14% while diesel is up a fifth.

Retail prices of petrol and diesel breached record levels on Friday with Oil Marketing Companies raising rates by 48 paise per litre and 52 paise per litre for the two automobile fuels in the national capital.

On Tuesday, former Finance Minister P Chidambaram had stated that the "Relentless rise in prices of petrol and diesel is not inevitable". Diesel prices on the other hand have risen by Rs 4.25 a litre during this period.

Flagships 2018: All that we know and await
This 7nm manufacturing process will drastically increase the performance and power efficiency of the iPhone XS Max . The phone is also rumoured with a dual-SIM option, catering highly to India and China this time.

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. The recent slump in the rupee has also lifted the import cost of crude oil, subsequently affecting the fuel prices.

Opposition Congress has demanded that the Centre cut excise duty as was done by previous governments, which cut rates whenever global oil prices shot up. While rising crude oil prices is being posed as one of the reasons behind increasing prices, reportedly, the crude oil prices between the years 2011 to 2013 crossed the $100 mark.

Petrol price in Kolkata surged from Rs 82.22 per litre on Wednesday to Rs 82.41 per litre on Thursday.

Mumbai has the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel.

Latest News