New Delhi: Fuel prices witnessed yet another hike on Wednesday with petrol being sold at Rs 82.25 per litre in the national capital and Rs 89.63 in Mumbai – an increase of 9 paise from Tuesday. In Kolkata and Bengaluru, a litre of petrol will cost you Rs 84.1 and Rs 82.91 respectively, according to Hindustan Petroleum’s official website.
Meanwhile, diesel prices also witnessed a spike of 9 paise today, taking the per litre price in Delhi and Mumbai to Rs 73.96 and Rs 78.51 respectively, the website said.
However, news agency PTI said the the prices remained unchanged on Wednesday.
On Tuesday, petrol and diesel price in the national capital were Rs 82.16 and Rs 73.87 respectively.
If the unabated rise in fuel prices continues further, petrol price will soon touch the psychological mark of Rs 90 in the financial capital. In fact, in as many a dozen cities in Maharashtra, petrol is already is selling between Rs 90 and 91 a litre.
While the spiralling oil prices are strengthening people’ demand for Centre’s intervention, the government – attributing the price hike to depreciating rupee and other global factors – has remained mum on the possibility of cutting on excise duty on petrol and diesel prices. According to sources, the government estimates a revenue loss of Rs 28,000 crore to Rs 30,000 crore with a reduction of Rs 2 per litre on petrol and diesel.
However, few states, including have announced reduction in VAT imposed on fuel prices. Karnataka on Monday announced a cut of Rs 2 per litre on petrol and diesel prices. Earlier, Rajasthan, Andhra Pradesh and West Bengal announced a reduction of Rs 2.5, 2 and Re 1 on fuel prices respectively.
Estimating the ‘real’ effective depreciation of rupee at 6 to 7 per cent, the International Monetary Fund (IMF) has said that the depreciation will “obviously raise the prices of imported goods such as oil and petroleum products, potentially putting an upward pressure on inflation”.