Hike in fuel prices continue, petrol nears Rs 90 mark in Mumbai
17 September, 2018, 12:50 | Author: Brooke Harris
It was priced at Rs 89.01 in the financial capital of the country, up from Rs 88.67 per litre on Friday, data on the Indian Oil Corp's website showed.
In the wake of record-breaking fuel prices making news every passing day, Karnataka government has issued orders to clamp down the petrol and diesel prices in the state by Rs 2 per litre.
Karnataka Chief Minister HD Kumaraswamy on Monday announced slashing of fuel prices, reduced Rs 2 cess cut on both petrol and diesel.
The recent surge in transportation fuel prices is largely attributed to high crude oil prices and a falling rupee. Depreciation in the rupee against the U.S. dollar makes the import of crude oil dearer as the transaction takes place with dollars.
With the following announcement, Karnataka becomes the third state to cut the fuel prices.
In Chennai, the price of petrol went up to Rs 85.31, while diesel prices reached Rs 78. In Mumbai, petrol prices have inched closer to Rs 90 per litre. The all-time high price of diesel in the city was Rs 75.82 per litre which was recorded on Tuesday.
Increased fuel prices have triggered the demand for reduction in taxes levied on fuel prices, besides bringing it under the ambit of goods and services tax (GST). The price break-up of petrol in Delhi as on September 10 includes excise duty of Rs. 19.48, dealer commission of Rs. 3.64, and value-added tax of Rs. 7.16 (including VAT on dealer commission). "Though the state is faced with a deficit budget, we have chose to reduce the tax and ease the burden on people", The Indian Express quoted him as saying.
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