Fuel price hike: Petrol touches Rs 83-mark in Delhi, diesel at Rs 74.24/l

Fuel price hike: Petrol touches Rs 83-mark in Delhi, diesel at Rs 74.24/l

Fuel price hike: Petrol touches Rs 83-mark in Delhi, diesel at Rs 74.24/l on Business Standard. In Mumbai, petrol has gone up by 13 paise to be priced at Rs 90.35 per litre

Latest News After remaining stagnant for a day, petrol and diesel prices continued their upward march on Thursday. In Mumbai and Delhi, petrol has gone up by around 14 paise to be priced at Rs 90.35 and Rs 83 respectively.

Diesel prices have also gone up in tandem with the petrol prices. With a hike of 12 paise, the key transportation fuel is being retailed at Rs 74.24 in Delhi. Similarly, diesel prices are up 13 paise in Mumbai to Rs 78.82 per litre.

Oil Minister Dharmendra Pradhan on Wednesday said reducing taxes on these items will not have any lasting impact due to the continuing volatility in crude prices.

"The basic problem is that crude prices are volatile.

The effect of any measures, including reduction in VAT by the states and the Excise duty by the Centre will not last long due to the volatility in crude prices," he told reporters.

The minister, however, said higher petrol price is a matter of concern and government is finding ways to offer some relief to the public.

Ahead of the US sanctions, kicking in from November 4 on Iran, crude prices have been on an

upward spiral and Brent--the benchmark price for the Indian crude basket--is trading over $80 a barrel now. Compounding the matter, the rupee has been plumbing new lows having already touched the 73mark last week.

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Business Standard

Source :- BS