Even after the excise duty cut on fuel process was announced, petrol prices are on the rise again. Petrol and diesel prices have gone up by 21 paise per litre and 31 paise per litre in Mumbai today. Petrol is being sold at Rs 87.50 per litre and diesel at Rs 77.37 per litre in the city today, as per Indian Oil Corporation.
Finance Minister Arun Jaitley had announced a Rs 2.50 per litre cut in cost of petrol and diesel, with a Rs 1.50 cut in excise duty and Rs 1 being slashed by Oil Marketing Companies, on September 4. This brought relief to buyers, which seems will be short-lived.
Fuel prices have been escalating since mid-August, with petrol and diesel prices crossing Rs 90 per litre and Rs 80 per litre respectively in Mumbai. The rise in prices has been attributed to rising international prices of crude oil and the falling value of Indian Rupee against the US Dollar. Read More
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