Petrol, diesel prices reach new high on Friday

On Friday fuel prices were increased by nearly 50 paise. In Delhi petrol was being sold at Rs 79.99 per litre while diesel was priced at Rs 72.07

On Friday fuel prices were increased by nearly 50 paise. In Delhi petrol was being sold at Rs 79.99 per litre while diesel was priced at Rs 72.07

For the second consecutive day on September 7, the fuel prices have touched a record high with petrol prices rising to Rs 79.99 per litre in the national capital and Rs 87.39 per litre in Mumbai. While petrol costs Rs 86.91 a litre, diesel is priced at Rs 75.96 a litre in Mumbai.

On Wednesday, Finance Minister Arun Jaitley was remained non-committal on cutting excise duty to cushion spiralling petrol and diesel prices, saying worldwide oil prices are volatile and have not shown any linear movement. Diesel cost Rs 75.61 per litre against Rs 75.39 on Wednesday. Finance Minister Arun Jaitley mentions that the worldwide prices are volatile.

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Fuel prices have been burning bigger holes in consumers' wallets since mid-August as the continuous fall in the rupee's value against the U.S. dollar and high global crude prices have been pushing up pump prices. It is said that the hike in fuel prices has encouraged the opposition parties to hold the Modi government responsible for mismanagement of prices.

The fuel prices have been on fire since the beginning of August due to rising crude oil prices and low value of rupee against the United States dollar.

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The relentless price hike has once again brought the question of the government cutting excise duty to the fore. On Wednesday, Finance Minister Arun Jaitley had said that there was no need for a "knee-jerk" reaction to the rising prices of global crude oil.

Petrol price was hiked by 48 paisa per litre and diesel by 47 a litre, according to price notification issued by state fuel retailers.

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Diesel prices in the three cities were also raised today to Rs 76.51, Rs 74.92 and Rs 76.17 per litre, respectively.

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