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Petrol, diesel prices stable after 10 days of consecutive increase

Petrol, diesel prices stable after 10 days of consecutive increase

Petrol, diesel prices stable after 10 days of consecutive increase
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By Suman Singh  Sept 5, 2018 8:10:22 AM IST (Published)

Petrol and diesel prices in the country touched their highest levels on Tuesday mainly due to fall in rupee and a sharp rise in crude oil rates.

After rising for 10 consecutive days, the fuel prices remained unchanged on Wednesday with petrol at Rs 79.31 per litre and diesel at Rs 71.34 per litre in the Delhi National Capital Region.

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Petrol in Kolkata, Mumbai and Chennai also saw no change with prices at Rs 82.22 per litre, Rs 86.72 per litre and Rs 82.41 a litre respectively. Diesel also was stable in the cities-Rs 74.19 per litre in Kolkata and Rs 75.74 per litre and Rs 75.39 per litre in Mumbai and Chennai respectively.
The surge in fuel prices was witnessed largely due to rise in the cost of crude oil and high excise duty levied on fuel in the country. Brent crude oil dropped 0.4 percent to $77.83 per barrel on Wednesday.
In FY19, petrol and diesel prices have soared 8.20 percent and 11 percent respectively in Delhi NCR. The current excise duty on petrol is at Rs 19.48 per litre while for diesel it is Rs 15.33 per litre.
Senior Congress leader P Chidambaram on Tuesday blamed the NDA government for rise in petrol and diesel prices, saying it was happening due to "excessive taxes.”
"Relentless rise in prices of petrol and diesel is not inevitable. Because, the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly," he said.
Petrol and diesel prices in the country touched their highest levels on Tuesday mainly due to fall in rupee and a sharp rise in crude oil rates.
On an intra-day basis, the Indian rupee plunged to hit an all-time low of 71.58 against the US dollar on Tuesday.
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