Fuel prices continue to rise on Monday, Petrol breaches Rs 91-mark in Mumbai

WION Web Team
New Delhi, Delhi, India Published: Oct 01, 2018, 07.58 AM(IST)

Representative Image. Photograph:( Zee News Network )

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Petroleum Minister Dharmendra Pradhan on September 26 blamed global factors for the increase in prices of petroleum products. He said reducing taxes on these items would not have any lasting impact because crude oil prices were still quite volatile.

Fuel prices in the country continued to rise on Monday with the price of petrol escalating to Rs 91.08 per litre in Mumbai and Rs 83.73 per litre in Delhi.

While the prices of petrol rose by Rs 0.24, diesel witnessed an increase of around Rs 0.30.

The price of diesel rose to Rs 75.09 per litre in Delhi while Rs 79.72 per litre in Mumbai.

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Petroleum Minister Dharmendra Pradhan on September 26 blamed global factors for the increase in prices of petroleum products. He said reducing taxes on these items would not have any lasting impact because crude oil prices were still quite volatile.

"The basic problem is that crude prices are volatile. The effect of any measures, including a reduction in the value-added tax (VAT) by the states and the excise duty by the Centre will not last long due to the volatility in crude prices," Pradhan said.

However, the minister also said that higher fuel prices are a matter of concern and that the government is finding ways to offer some relief to the public.

The Centre currently levies an excise duty of Rs 19.48 per litre on petrol and Rs 15.33 per litre on diesel.

In addition to this, various states levy VAT at different rates. Mumbai has the highest VAT — 39.12 per cent — on petrol, while Telangana levies the highest VAT — 26 per cent — on diesel.

(With inputs from agencies)

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