Petrol and diesel prices displayed new record highs in Delhi and Mumbai today. Petrol price in Delhi crossed their previous record of Rs 76 and now its Rs. 77 per litre for the first time ever in Delhi. In Mumbai, the petrol price is just 1 paisa short from Rs. 85/ litre. Tuesday also marked the tenth straight day of hikes in fuel prices. In Delhi, Mumbai, Kolkata, and Chennai, among other cities, in range of 14-34 paise/ litre in case of petrol and 21-31 paise/litre in diesel. The Modi Government may soon announce steps to contain the rising fuel prices soon. The Modi Government had raised the VAT and excise duty nine times between November 2014 to January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October 2017 by Rs. 2/ litre.
|Petrol price (in Rs. per litre)||Diesel price (in Rs. per litre)|
Tuesday’s price hike included, petrol prices have been increased by Rs. 2.54 per litre in Delhi, Rs. 2.68 per litre in Chennai, Rs. 2.51 per litre in Kolkata and Mumbai, in 10 days, data from Indian Oil Corporation(IOCL) shows. While the Diesel prices have been raised by Rs.2.41 per litre in Delhi, Rs. 2.26 per litre in Kolkata, Rs. 2.56 per litre in Mumbai and Rs. 2.58 per litre in Chennai. The prices in Delhi are the cheapest among all the metros cities and the most state capitals. Rates vary from state to state depending on the incidence of local sales tax or VAT.
On this issue, Congress leader and former Union Finance Minister P. Chidambaram criticised the Central Govt for the fuel price hike and claimed that the rate can be reduced by Rs 25 per litre but the government is not doing it. “It is possible to cut up to Rs 25 per litre, but the government will not. They will cheat the Indian people by cutting price by Rs 1 or Rs 2 per litre of petrol,” he said over Twitter.
It is possible to cut upto Rs 25 per litre, but the government will not. They will cheat the people by cutting price by Rs 1 or 2 per litre of petrol
— P. Chidambaram (@PChidambaram_IN) May 23, 2018