Fuel rates continued to spiral yet again. The petrol and diesel rates were hiked by 21 paise/litre and 29 paise/litre respectively. The revised rates of petrol and diesel in Delhi stood at Rs 82.03/litre and Rs 73.82/litre respectively.
The fuel prices were hiked in Mumbai too. The revised prices of petrol and diesel in Mumbai as per latest updates are Rs 87.50/litre (increase by 21 paise per litre) and Rs 77.37/litre (increase by 31 paise/litre).
Earlier on Sunday, oil-marketing companies increased the prices of petrol and diesel across the four metro cities. Petrol was priced at Rs. 81.82 per litre in New Delhi, Rs. 83.66 per litre in Kolkata, Rs. 87.29 per litre in Mumbai and Rs. 85.04 per litre in Chennai, according to Indian Oil Corporation (IOC). Diesel was sold at Rs. 73.53 per litre in New Delhi, Rs. 75.38 per litre in Kolkata, Rs. 77.06 per litre in Mumbai and Rs. 77.73 per litre in Chennai. Petrol and diesel rates are decided on a daily basis by oil-marketing companies on the basis of the rupee-dollar rate and global crude oil prices.
The fuel rates vary from city to city and from pump to pump depending on local taxes and transportation cost. Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes.
The government on Saturday sought to assure investors that it would not go back to regulating fuel prices, a day after oil company shares tumbled on concerns about a return to a regime that has hurt their profits in the past. "Let me categorically assure all that there is no going back on deregulation of oil prices," Finance Minister Arun Jaitley said in a Facebook post on Saturday.
On Thursday, 12 states slashed the prices of petrol and diesel after the central government announced a Rs. 1.5 per litre cut in excise duty and made state-run oil companies absorb a Rs 1 per litre cut in fuel prices.
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