Petrol, diesel prices jump to highest level since 2014

Petrol prices Tuesday Jan 23,2018 hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs. 63.20 a litre, prompting the oil ministry to seek a cut in excise duty. 

Petrol price rose to Rs. 72.38 per litre in Delhi, highest since March 2014, according to daily fuel price list of state-owned oil firms. Rates have risen by Rs. 3.31 per litre since mid-December.

In Mumbai, prices have crossed Rs. 80-mark - costliest in the country. Diesel is being sold at Rs. 67.30 in Mumbai, where the local sales tax or VAT rates are higher. Since mid-December, diesel rates have jumped Rs. 4.86 a litre, according to oil companies.

The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliamenton Feb 01,2018