After Rajasthan, Andhra Pradesh slashes fuel prices by Rs 2 per litre

Petrol price hits record high of Rs 80.38 per litre in Delhi; diesel at Rs 72.51 per litre

Petrol price hits record high of Rs 80.38 per litre in Delhi; diesel at Rs 72.51 per litre

It gained 22 paise to Rs 83.61 per litre.

In Kolkata, the price of petrol has been increased to ₹83.27 per litre while the diesel price has gone up to ₹75.36 per litre.

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 previous year by Rs 2 a litre.

Oil Minister Dharmendra Pradhan on Sunday said that India as a stable economy should avoid any knee-jerk reaction to volatile crude oil prices, indicating no cut in taxes on fuel despite petrol and diesel prices breaching record levels in the national capital.

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In Mumbai, Petrol & Diesel prices are Rs.87.77 per litre & Rs.76.98 per litre, respectively.

Opposition parties have called for a bandh today to protest high retail prices of petrol and diesel.

Since mid-August, petrol price has risen by Rs 3.42 a litre and diesel by Rs 3.84 per litre as rupee hit record low against the United States dollar, making imports costlier. These are once again the highest ever fuel prices for the two cities. However, Finance Minister Arun Jaitley denied the request saying global oil prices volatile and haven't shown any linear movement. While petrol costs ₹88.12 a litre, diesel is priced at ₹77.32 a litre, according to the daily price notification issued by OMCs. The Centre now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel.

Similarly, the price build-up of diesel in Delhi includes excise duty of ₹15.33, dealer commission of ₹2.51, and Value-Added Tax of ₹10.46(including Value-Added Tax on dealer commission). That it is unpopular is evident by the Rajasthan government's decision, ahead of an assembly election, to reduce local taxes on petrol and diesel.

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