Economy

Fuel on fire: Petrol 1 paisa short of Rs 80 in Delhi

Fuel on fire: Petrol 1 paisa short of Rs 80 in Delhi

In Delhi, the petrol price has risen to a record Rs 79.51 a litre, while diesel price has been increased to Rs 71.55 a litre, which is also at a record high, according to the daily price notification issued by OMCs. Meanwhile, people in Mumbai are purchasing petrol at Rs 87.39 per litre and while diesel is being sold at Rs 76.51 per litre.

The already skyrocketing fuel prices climbed up again on Friday by around 50 paise for both petrol and diesel.

The Congress has chose to call a nationwide bandh on Monday, September 10 over the issue of rising fuel prices.

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The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹72.12 against the USA dollar on Thursday, while price of Brent oil was hovering around $78 a barrel. Motor fuels were way costlier in Mumbai and other cities in states with heavier local tax rates. In Delhi, petrol costs Rs 79.99 and diesel Rs 72.07.

Petrol pump operators said over the past 10 days, the maximum fuel prices rose to was 42 paise a litre. Until June 2017, state-run fuel retailers such as Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum, revised fuel rates on the 1st and 16th of every month, based on average global price in the preceding fortnight and the currency exchange rate.

On Tuesday, former Finance Minister P Chidambaram had stated that the "Relentless rise in prices of petrol and diesel is not inevitable". Diesel cost Rs 75.96 in the country's commercial capital, compared to Rs 75.74 on Wednesday. Additionally, prices in Delhi are the cheapest among all metros mainly due to lower Value-Added Tax rates, and Mumbai has the highest Value-Added Tax on petrol at 39.12%.