Petrol Prices reached its highest level on Tuesday since 2014 and diesel prices have also hit a record high of Rs 63.20 a litre. The rapidly growing rates have prompted the Ministry of Petroleum and Natural Gas to seek a cut in excise duty rates.

Petrol prices in Delhi rose to Rs 72.38 per litre, which is the highest for the city since March 2018.

Prices in Mumbai crossed Rs 80, the costliest in the country as its local sales tax and VAT rates are high. The diesel price in the city is Rs 67.30.

The reduction in excise duty has been sought as a part of the pre-Budget memorandum that the ministry has submitted to Finance minister Arun Jaitley. The Petroleum and Natural Gas Ministry has also forwarded a set of recommendations that it has received from the industry.

The central government levies Rs 19.48 per litre excise duty on petrol and Rs 15.33 on diesel.

Inputs from PTI