Petrol, diesel prices reach new high on Friday

Petrol, diesel prices reach new high on Friday

Petrol, diesel prices reach new high on Friday

Diesel can be purchased today at a price of Rs. 72.07 per litre in Delhi.

Petrol and diesel price were Friday hiked by about 50 paisa per litre each - the steepest increase in rates since daily price revision came into effect over 14 months back - to push rates to their highest ever.

In Mumbai, Chennai and Kolkata, petrol per litre is Rs 87.39, Rs 83.13 and Rs 82.88. The result is, the centre would have earned over Rs 10 lakh crore from taxes on petrol and diesel between 2014-15 and 2018-19.

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In Delhi, the petrol price rose to a record ₹79.99 a litre, while diesel price has been increased to ₹72.07 a litre, according to the daily price notification issued by OMCs.

The surge in fuel prices is largely attributed to the rise in crude oil prices and high excise duty in the country. 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.

The government has been under huge pressure to cut taxes on fuel as the prices have breached the previous record high hit on May 29. In Hyderabad, petrol costs Rs 84.81 and diesel Rs 78.39. Diesel prices on the other hand have risen by Rs 4.25 a litre during this period.

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Globally, oil prices were stable on Friday, as the market balanced a fall in US crude inventories to the lowest levels since 2015, with Sino-American trade tensions and economic weakness from emerging markets.

On Wednesday, Finance Minister Arun Jaitley was remained non-committal on cutting excise duty to cushion spiralling petrol and diesel prices, saying global oil prices are volatile and have not shown any linear movement.

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