In a shocking development, diesel rates struck an all-time high of Rs 64.58 while petrol price reached a four-year high in the national capital on Sunday. According to a price notification, state-owned oil firms have raised fuel rates by 18 paise per litre in Delhi.
The rise of fuel prices has once again led to the demands urging the Central government to cut excise tax rates. On September 14, 2014, petrol rate was Rs 76.06. This price has been surpassed today with a new cost of Rs 73.73 in Delhi. In the case of diesel price, the previous high was Rs 64.22 which was on February 7, 2018.
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Earlier, the Oil ministry had sought a reduction in excise duty on fuels to lessen the impact of rising international oil rates. However, this was ignored by Finance Minister Arun Jaitley during his budget presentation in February. It must be noted that India has recorded the highest ever retail prices of fuels among the South Asian countries due to heavy tax.
It must be noted that Finance Minister Jaitley had raised excise duty nine times between 2014 and 2016 following which he once cut the tax last year by Rs 2 per litre. However, a global increase in crude prices forced an increase in domestic fuel prices once again.
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