Diesel price rose for the 10th consecutive day Monday to wipe out all of the Rs 2.50 per litre cut in rates announced earlier this month through excise duty cut and oil company subsidy.
The government had, with effect from October 5, cut excise duty on petrol and diesel by Rs 1.50 per litre and asked state-owned oil firms to subsidise the fuel by another Re 1 a litre.
However, the retail selling price continued to rise on subsequent days. While petrol price remained static Monday, diesel rates were hiked by 8 paise per litre, according to a price notification of state-owned fuel retailers.
With this, diesel prices have in the last 10 days been hiked by Rs 2.51 per litre. This is the fastest increase in rates since oil firms implemented daily price revision in mid-June last year. Read More
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