Fuel price hike: Petrol, diesel prices breach record levels on Friday

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Petrol price stood just a paisa short of Rs 80 a litre for the first time ever and diesel shot up to Rs 72.07 on Friday in Delhi, where local taxes are among the lowest in the country. An official told the daily that the government can not, "disturb fiscal maths by cutting excise duty on petrol and diesel".

In some cities in Maharashtra, petrol prices touched Rs 90 a litre - for instance, in Amravati, Buldhana, where they were selling for Rs 88 and Rs 77 a litre. Finance Minister Arun Jaitley earlier this week remained non-committal on cutting excise duty to cushion spiralling petrol and diesel prices saying worldwide oil prices are volatile and have not shown any linear movement.

Fuel prices have been on the rise since mid-August, going up nearly every day, owing to a weak rupee and a rise in crude oil prices.

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Diesel prices have gone up by almost Rs 4 per litre in over a month across all metro cities. As commuters blame Narendra Modi government for being ineffective in keeping the process of fuel in control, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan claimed that the surge in fuel prices is owing to the rise in global crude oil prices and falling value of Indian currency against the dollar.

The Congress has made a decision to call a nationwide bandh on Monday, September 10 over the issue of rising fuel prices. He also did not comment anything on reducing the excise duty to counter the steep rise in the fuel prices.

Since 1 August, petrol prices have risen by Rs 3.68 per litre. Also, crude oil prices have gained $7 a barrel in a fortnight.

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