Fuel prices continued to spiral just two days after government announced to slash the prices. The rates of petrol and diesel in Delhi were hiked by 14 paise/litre and 29 paise/litre respectively. The revised rates of petrol in Delhi stood at Rs 81.82/litre and Rs 73.53/litre respectively.
On the other hand, the revised rates of petrol and diesel in Mumbai stood at Rs 87,29/litre (increase by14 paise/litre) and Rs 77.06/litre respectively.
Earlier on Saturday, fuel rates were hiked in Delhi even after a price cut of Rs 2.5/litre. The revised rates of petrol and diesel in the national capital stood at Rs 81.68/litre (increase by 18 paise/litre) and Rs 73.79/litre (increase by 29 paise/litre) respectively on Saturday.
On the other hand, petrol and diesel prices in Mumbai on Saturday stood at Rs 87.15/litre (increase by 18 paise/litre) and Rs 76.75 (decrease by 70 paise/litre) respectively.
Earlier on Thursday, in a major relief for common man from the sky-rocketing fuel prices, the Modi government announced Rs 2.50 per litre cut. The Centre cut excise duty on petrol and diesel by Rs 1.50 per litre and asked oil firms to absorb Rs 1 per litre of prices. Announcing the steps during a press conference in New Delhi, Finance Minister Arun Jaitley also appealed state governments to reduce VAT on petrol and diesel.
At least 12 states announced VAT rate cuts (amounting to another Rs 2.5 per litre) on petrol and diesel after Jaitley urged the states to follow suit and cut the VAT on fuel by an equal amount.
Cuts announced in excise duty and VAT by the Centre and states respectively led to reduction of petrol and diesel prices by Rs 5 per litre in 12 states.
The 12 states which announced cuts in petrol and diesel prices are Maharashtra, Madhya Pradesh, Jharkhand, Chhattisgarh, Assam, Uttar Pradesh, Haryana, Jammu and Kashmir, Himachal Pradesh, Tripura Gujarat, and Goa.
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