Another surge in fuel prices; petrol up at Rs 82.26 per litre, diesel at Rs 74.11 in Delhi

With yet another increase in prices of fuel on Tuesday, petrol prices were pegged at Rs 82.26 per litre which is an increase of Rs 0.23. While diesel prices were hiked by Rs 0.29 again taking it to Rs 74.11. In Mumbai, the petrol and diesel prices were Rs 87.73 (an increase of Rs 0.23) and Rs 77.68 (an increase of Rs 0.31), respectively, according to the price notification by state-owned oil firms.

On Monday, the prices of petrol and diesel in Kolkata were ₹ 83.87, which was an increase of Rs 0.21 from the previous day’s figure and Rs 75.67 (an increase of Rs 0.29), respectively. In Chennai, the prices were pegged at Rs 85.26 (an increase of Rs 0.17) and Rs 78.04 (a Rs 0.26 hike), respectively.

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With the steady rise in the prices of fuel on a daily basis, the cut in the prices of petrol and diesel prices by a minimum Rs 2.50 on October 5 when the government’s only second cut in excise duty of Rs 1.50 per litre and state-owned fuel retailers providing a Re 1 per litre subsidy came into effect, is getting negated and there seems to be no respite in place for consumers anytime in the near future. In BJP-ruled states, the reduction was higher as they matched the cut with a similar reduction in local sales tax or VAT. But the prices were on the rise from the very next day and it touched a three-week high on Sunday.

Delhi, which did not cut VAT on fuel, still has the cheapest fuel among all the metros and bulk of state capital as it levies lower taxes. Mumbai despite reducing VAT on petrol still has the highest priced fuel.

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After the Centre cut excise duty by Rs 1.50 per litre and asked PSU oil firms to subsidise fuel by Re 1, Maharashtra and Gujarat governments were among the first to announce a matching Rs 2.50 cut.