Diesel and petrol prices rise by around 50 paise per litre

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In the national capital, petrol cost 48 paise higher at Rs 79.99 per litre, whereas diesel per litre is charged at Rs 72.07, with a hike of 52 paise. While petrol costs Rs 86.91 a litre, diesel is priced at Rs 75.96 a litre in Mumbai.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October a year ago by Rs 2 a litre.

Petrol price in Kolkata surged from Rs 82.22 per litre on Wednesday to Rs 82.41 per litre on Thursday. It costs Rs 87.39 in Mumbai.

Fuel prices have been on the rise since mid-August, going up nearly every day, owing to a weak rupee and a rise in crude oil prices.

The opposition has also launched an attack on the BJP government over the rising fuel prices.

Since 1 August, petrol prices have risen by Rs 3.68 per 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. Diesel price rose from Rs 74.19 per litre to Rs 74.40.

On May 28, the diesel rates touched Rs 69.31 per litre which was considerably higher than the previous. On the other hand, in Chennai, petrol is at Rs 83.13 and diesel at Rs 76.17 A Mumbai resident told news agency ANI, "The middle-class and poor are suffering every day due to hike in fuel prices". The reasons for the same is mainly two-fold: drop in the value of rupee and rise in crude oil prices.

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