Petrol, Diesel Price Rise Marginally After Excise Duty Cut

A day after customers got a breather from rising fuel prices as the government provided relief on auto fuel with excise duty cut, petrol in Delhi is priced higher by 18 paise at Rs 81.68 per litre whereas diesel price also increased by 29 paise to Rs 73.24 per litre, as per the website of Indian Oil Corporation (IOC).

In Mumbai, petrol was selling at Rs. 87.15 per litre, up by 18 paise on Saturday. Diesel however dropped in price by 70 paise and was being sold at Rs. Rs 76.75 after the state of Maharashtra provided a relief of Rs. 1.56 per litre.

In Kolkata, petrol and diesel both dropped in price by Rs. 2.28 and Rs. 2.21, respectively. Petrol in the city is retailing at Rs 83.52 per litre while diesel price stands at Rs 75.09 per litre.

Meanwhile, in Chennai petrol costs Rs. 84.89 per litre and diesel is priced at Rs 77.42 per litre.

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).

Further, states have been asked to provide a similar cut on local taxes on fuel. And many of the states including Gujarat, Madhya Pradesh, Himachal Pradesh, Jharkhand, Uttarakhand, Assam, Haryana, Goa, Chandigarh, Bihar, Uttar Pradesh and Tripura have responded positively with a VAT cut of Rs. 2.5 on both petrol and diesel.

Since mid-August, the prices of petrol and diesel increased by Rs 6.86 per litre and Rs. 6.73 per litre, respectively. This is the highest level of price increase in any six-week period after the daily pricing model has been adopted in mid-June last year.

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