New Delhi, Apr 2: Petrol price on Monday hit a four-year high while diesel reached a record all-time high. The price of petrol in Delhi went up to Rs 73.83 per litre on Monday, while diesel was selling at a record Rs 64.69 per litre in the national capital. In Mumbai, petrol price was at Rs 81.69 per litre while diesel was at Rs 68.89 per litre today. With the dynamic pricing of petrol and diesel, the prices have risen by almost Re 1 per litre in the past one week.
On Sunday, the price of petrol was hiked to Rs 73.73 a litre while diesel rates touched an all-time high of Rs 64.58 in Delhi. The state-owned petroleum companies raised the price of petrol by 10 paise per litre and diesel by 11 paise per litre on Monday. On March 23, 2018, petrol was being sold at Rs 72.30 per litre while diesel was selling at Rs 63.01 per litre.
The oil ministry had, earlier this year, sought a reduction in excise duty on petrol and diesel to neutralise the impact of increasing global prices, but Finance Minister Arun Jaitley didn’t announce any such measure in Budget 2018. It must be noted that India has the highest selling rates of petrol and diesel in South Asian countries.
Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.88 per litre in Delhi and diesel Rs. 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56.89 per litre and petrol to Rs 68.38 per litre. However, a global rally in crude prices pushed domestic fuel prices far higher than those levels.