Dainik Nation News Portal
Petrol price on Monday hit Rs 74.50 a litre – the highest level under the BJP-led government, while diesel rates touched a record high of Rs 65.75, renewing calls for cut in excise duty to ease burden on consumers.
Petrol and diesel prices were hiked by 10 paise, according to an Indian oil price notification. State-owned oil firms have been revising auto fuel prices daily since June last year. Under the dynamic pricing scheme, petrol and diesel prices are revised on a daily basis in sync with global crude oil prices.
Both petrol and diesel prices are the highest since September 14, 2013 when rates had hit Rs 76.06. Diesel price at Rs 65.65 are the highest ever.
Oil Ministry had earlier this year sought a reduction in excise duty on petrol and diesel to cushion the impact arising out of international oil rates but Finance Minister Arun Jaitley in his Budget presented on February 1 made no concessions. India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.
Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
