Fuel prices continued their record-breaking run on September 8, as petrol rates Saturday crossed Rs 80 mark in Delhi while nearing Rs 88 a litre in Mumbai. The diesel prices were also hiked by 44 paise and 48 paise in Delhi and Mumbai respectively to reach fresh record level on Saturday.
In Delhi, a litre of petrol is now sold for Rs 80.38 while diesel is retailing at a price of Rs 72.51 per litre. On Saturday, petrol can be purchased at Rs 87.77 per litre while a litre of diesel costs Rs 76.98 per litre in Mumbai, the business capital of India.
In Chennai, the situation is no different as the petrol prices on Saturday touched Rs 83.13 per litre whereas the fuel can be purchased for Rs 82.97 in Kolkata. In Bengaluru, the petrol prices are at Rs 82.69 on Saturday. The revised rates are made effective from 6 am on September 8, 2018.
Petrol & Diesel prices in #Delhi are Rs.80.38 per litre & Rs.72.51 per litre, respectively. Petrol & Diesel prices in #Mumbai are Rs.87.77 per litre & Rs.76.98 per litre, respectively. pic.twitter.com/WjRGRg3c4W— ANI (@ANI) September 8, 2018
Meanwhile, reacting to the continuous surge in fuel prices, a Delhiite said, "The price hike is scary for the common man. If the prices go up with this speed then the situation can become worse in the coming days. The government should think about it".
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. While Mumbai and Telangana levy the highest VAT (Value Added Tax) of 39.12 per cent and 26 per cent on petrol and diesel respectively, Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.
Prices have been on fire since August 16, rising almost every day due to a combination of a drop in rupee value and rise in crude oil rates.
On being asked about rising fuel prices across India, Petroleum and Natural Gas Minister Dharmendra Pradhan on Friday said, "It has now become essential to bring petrol and diesel under the purview of GST".
"As these two items are out of the GST, the nation has to bear a loss of about Rs 15,000 crore. If petrol and diesel are brought under the GST, it will be better for all including consumers," Pradhan added.
Opposition Congress, on the other hand, demanded that the Centre cut excise duty as was done by the previous government whenever international oil prices shot up. Almost half of the retail selling price of the two fuel is made up of central and state taxes.