Petrol, diesel prices hit fresh highs

October 25, 2021 35 Views No Comment

DIMAPUR, OCT 25 (NPN): For the fifth consecutive day, the fuel prices increased on Sunday as the rate of petrol and diesel hit a fresh all-time high after increasing by 35 paise per litre.

The current increase, which comes as a result of the persistent rise in international oil prices, has pushed pump prices across the country to all-time highs.

Petrol hiked by Rs. 6.4 a litre since Sept 28 and diesel hiked by Rs.7.70 per litre since Sept 24
Petrol prices in the state capital rose to Rs 106.94 per litre, while diesel cost Rs.99.28 a litre. In Dimapur, a litre of petrol cost Rs.105.94 and diesel Rs.98.47 per litre.

Petrol has already hit the Rs.100-a-litre mark or more in all major cities of the country, while diesel has touched that level in over one-and-a-half dozen states and.

Petrol price has been hiked on 21 occasions since September 28, when a three-week-long hiatus in rate revision ended. In all, prices have gone up by Rs.6.4 a litre. Diesel rates have been increased by Rs.7.70 per litre in 24 hikes since September 24. Prices differ from state to state, depending on the incidence of local taxes.

The government had raised excise duty on petrol and diesel to wipe away gains that would have otherwise accrued to consumers from international oil prices crashing to as low as $19 per barrel. While international prices have since recovered to $85, excise duty has remained at Rs.32.9 per litre on petrol and RS.31.8 on diesel, reports news agency PTI.

Oil minister Hardeep Singh Puri on Friday equated demand for cutting excise duty to ‘axing one’s own feet’, saying such levies funded government schemes to provide free Covid-19 vaccines, meals and cooking gas to millions amid the pandemic.

“I think this simplistic political narrative we get in India (that), ‘prices have gone up, why don’t you reduce your taxes’… so every time price goes up due to something else, it says you axe your own feet in the process,” he added.

Source: http://www.nagalandpost.com/petrol-diesel-prices-hit-fresh-highs/243033.html