Retail prices of petrol and diesel breached record levels on Monday with Oil Marketing Companies (OMCs) raising rates by 23 paise per litre and 22 paise per litre for the two automobile fuels in the national capital.
A recent report by news agency Press Trust of India (PTI) quoted a top government official as saying that 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.
Diesel is priced at Rs 77.92 per litre in Parbhani. According to petroleum dealers in the State, compared to Friday's price, petrol on Saturday cost 41 paise more while diesel price rose 48 paise a litre.
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The prices of petrol and diesel touched a new high with Mumbai paying the maximum among the four metros. On Tuesday, former Finance Minister P Chidambaram had tweeted: "Relentless rise in prices of petrol and diesel is not inevitable".
The main opposition party Congress has asked the Centre to cut down excise duty on fuel, as was done by previous governments to keep prices in check each time oil prices surged globally. However, Finance Minister Arun Jaitley denied the request saying global oil prices volatile and haven't shown any linear movement. Bharat Bandh was called for today from 9 AM to 3 PM to bring petrol and diesel under the Goods and Services Tax (GST), which, the grand-old party said, would decrease the price by Rs 15-18. Delhi charges a Value-Added Tax of 27% on petrol and 17.24% on diesel while Mumbai has a maximum Value-Added Tax of % on petrol. In cities like Kolkata, Mumbai and Chennai, a per litre petrol is available at Rs 83.27, Rs 87.77 and Rs 83.54 respectively. Now, Shiv Sena has joined the mix too, criticising the government for its inability to put a check on the fuel prices.