Retail prices of petrol and diesel breached record levels on Friday with Oil Marketing Companies raising rates by 48 paise per litre and 52 paise per litre for the two automobile fuels in the national capital.
The price of petrol has been increased by 48 paise per litre, while diesel saw a hike of 52 paise per litre, as compared to Wednesday's prices in New Delhi. Diesel can be purchased today at a price of Rs. 72.07 per litre in Delhi. The present petrol and diesel prices in Bangalore are Rs 82.1 per litre and Rs 73.9 per litre while that in Chennai are Rs 82.6 per litre and Rs 75.6 per litre. The government will not cut excise duty on petrol and diesel to cushion spiralling prices, as it has limited fiscal space available to take any dent in revenue collections.More news: Active Shooter Reported in Downtown Cincinnati
Opposition parties have announced nationwide strikes and protests next week over record-high fuel prices which they blame on high taxes.More news: Mueller will reportedly accept written answers from Trump
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. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. Diesel price rose from Rs 74.19 per litre to Rs 74.40.
On May 28, the diesel rates touched Rs 69.31 per litre which was considerably higher than the previous.More news: US Open 2018: Roger Federer Defeated by Australian John Millman