Petrol, diesel prices rise by about 50 paise. Check today’s rate

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In the national capital, petrol cost 48 paise higher at Rs 79.99 per litre, whereas diesel per litre is charged at Rs 72.07, with a hike of 52 paise.

In Chennai, petrol cost Rs 82.62 on Thursday as compared to Rs 82.41 on Wednesday.

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.

In 2018, petrol prices are up by about 14% while diesel is up a fifth. Finance Minister Arun Jaitley mentions that the global prices are volatile. In Hyderabad, petrol costs Rs 84.81 and diesel Rs 78.39. In Bengaluru, petrol price is Rs 82.6 and diesel is Rs 74.39. Harsh Kotak, a leader of bus operators in Mumbai, said this was the first time the price has gone up 50 paise a day since June 2017, when the government began revising fuel prices every day. The reasons for the same is mainly two-fold: drop in the value of rupee and rise in crude oil prices.

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The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹72.12 against the USA dollar on Thursday, while price of Brent oil was hovering around $78 a barrel.

The relentless price hike has once again brought the question of the government cutting excise duty to the fore.

Nearly half of the retail selling price of the two fuel is made up of central and state taxes. While rising crude oil prices is being posed as one of the reasons behind increasing prices, reportedly, the crude oil prices between the years 2011 to 2013 crossed the $100 mark.

Since 1 August, petrol prices have risen by Rs 3.68 per litre.

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