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Fuel price hike: Petrol, diesel rates on the rise again

08 October 2018

"Both petrol-diesel prices must be brought under GST immediately", Chavan said.

Diesel is retailed at Rs 73.53 per litre in Delhi, Rs 75.38 per litre in Kolkata, Rs 77.06 per litre in Mumbai and Rs 77.73 in Chennai.

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The prices of petrol and diesel will become cheaper immediately by Rs 2.50 per litre, with the Modi government on Thursday announcing a small cut in central taxes on fuel.

A day after coming down significantly due to a cut in taxes by the Centre and state governments, petrol and diesel prices went up by 19-32 paise across major cities on Saturday morning.

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On October 4, bowing to the demands of the general public which was largely condemning sustained fuel price hike, Centre announced a relief of Rs. 2.5 in total for consumers, of which Rs.1 has to be borne by the oil marketing companies (OMCs). On Wednesday, Brent hit its highest price since late 2014 at $86.74. However, in Mumbai, the diesel have gone up by 7 paise only. In Lucknow, every litre of petrol costs Rs 79.12, whereas the same amount of diesel is selling for Rs 71.28. In Mumbai and Chennai, Rs 2.65 and Rs 2.68 were reduced respectively, but in Kolkata it was just Rs 2.50.

Since yesterday, prices of auto fuels declined the most in Assam and Madhya Pradesh, followed by Jammu & Kashmir, Chhattisgarh and Arunachal Pradesh. Some 12 BJP-ruled states, including Haryana, Uttar Pradesh, Assam and Gujarat, apart from poll-bound MP and Chhattisgarh, also reduced Value-Added Tax, which resulted into a reduction of the price of fuel in at least 12 states by Rs 5 a litre. Whereas Maharashtra government has not done any additional reduction on petrol price and Jharkhand also not slashed down the price.

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The hike in duties in 2014-16 had led to excise collections from petro goods rising from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18.

Fuel price hike: Petrol, diesel rates on the rise again