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    Fuel prices surge for seventh straight day; petrol nears Rs 89 in Delhi

    Fuel prices surge for seventh straight day; petrol nears Rs 89 in Delhi

    Fuel prices surge for seventh straight day; petrol nears Rs 89 in Delhi
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    By CNBCTV18.com  IST (Updated)

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    Fuel prices on Monday touched a new high as state-owned fuel retailers hiked rates for seventh consecutive days.

    Fuel prices on Monday touched a new high as state-owned fuel retailers hiked rates for seventh consecutive days. Petrol and diesel prices were raised by 25-30 paise per litre, according to a price notification from oil marketing companies.
    In Delhi, petrol now costs Rs 88.99 per litre and diesel is priced at Rs 79.35. In Mumbai, petrol comes for Rs 95.46 a litre and diesel for Rs 86.34 per litre.
    The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning. These rates move in line with benchmark international price and foreign exchange rates.
    The fuel prices vary from state to state in the country due to the value-added tax or VAT.
    The relentless hike in prices has been criticised by the opposition parties including Congress that has demanded an immediate cut in taxes to ease the burden on the common man. However, Oil Minister Dharmendra Pradhan had told Parliament that the government is not considering a reduction in excise duty to cool rates from their record highs.
    Central and state taxes make up for over 61 percent of the retail selling price of petrol and about 56 percent of diesel. The union government levies Rs 32.9 per litre of excise duty on petrol and Rs Rs 31.80 a litre on diesel, as per PTI report.
    Globally, oil prices rose to their highest in more than a year on Monday, after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group, raising fears of fresh Middle East tensions, according to news agency Reuters.
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