Petrol, Diesel Prices At Fresh Record Highs; Andhra Announces Cuts

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At the same time, the diesel prices too marched ahead and was priced at Rs 78.83 per litre. So from Tuesday, every litre of petrol and diesel will be sold at a price lower by Rs 2 in the state.

Fuel prices on Saturday, 8 September, continued to soar and hit a new lifetime high, with the price of petrol crossing the Rs 80/litre mark at Rs. 80.38, and diesel at Rs.72.51 per litre.

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A recent report by news agency Press Trust of India (PTI) quoted a top government official as saying that the government will not cut excise duty on petrol and diesel to cushion spiralling prices, as it has limited fiscal space available to take any dent in revenue collections. Fuel prices in Delhi are the cheapest among all metros and most State capitals due to lower taxes. The petrol and diesel prices saw a hike of 23 and 22 paise per litre respectively in Delhi. This increase in fuel prices again today comes amid the ongoing nation-wide bandh organised by the opposition parties today. The prices of petrol and diesel in Rajasthan are down by Rs 2.5 per litre.

The soaring prices are continuing to burn a hole in the pockets of commuters, one of whom feels he may have to avail bank loans to pay for fuel. In cities like Kolkata, Mumbai and Chennai, a per litre petrol is available at Rs 83.27, Rs 87.77 and Rs 83.54 respectively. The spike in prices has renewed calls for cut in excise duty but Finance Minister Arun Jaitley has remained non-committal, saying worldwide oil prices are volatile and have not shown any linear movement. Besides this, the states levy Value Added Tax (VAT) is all there. A similar hike was seen in the case of diesel, now retailing at Rs 75.68/litre. They blame the government's unwillingness to cut excise duty for the high fuel prices and consumer burden.

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