Petrol price on Sunday touched a record high of ₹76.24 per litre, while that of diesel stood at ₹67.57 in the national capital as oil firms raised prices for the seventh day in a row.
The price of petrol went up by 33 paise a litre and diesel by 26 paise in Delhi, according to the notification issued by the state-owned oil firms.
As we know, 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. Subsequent to that excise duty reduction, the Centre had asked states to also lower VAT but just four of them — Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh — reduced rates while others including BJP-ruled ones ignored the call.
Rates vary across States, depending on local sales tax or VAT. Prices in Delhi are the cheapest among all metros and most State capitals. Petrol stood at ₹78.91 a litre in Kolkata, ₹84.07 in Mumbai and ₹79.13 in Chennai. Diesel prices were ₹70.12 in Kolkata, ₹71.94 in Mumbai and ₹71.32 in Chennai.
Fuel prices have been revised upward every day since May 14. While daily revisions have been in place for almost a year now, oil companies halted the practice for almost three weeks since April 24, when prices of the fuels were raised by 13 paise each. In all, petrol price has been raised by ₹1.61 a litre and diesel by ₹1.64 in the past week.
During the period that the prices were held stable, the Karnataka election was held on May 12.