The prices of petrol and diesel reached record highs on Monday, as global oil prices continue to soar, PTI reported.
The cost of diesel hit Rs 61.74 per litre in Delhi and Rs 65.74 in Mumbai, where the Maharashtra government levies a highest Value-Added Tax. Petrol cost Rs 71.18 in Delhi and Rs 79.04 in Mumbai – their highest levels since August 2014, according to the daily fuel price list of state-owned oil companies.
Fuel prices are revised every day in India as per the dynamic pricing system introduced in June 2017. The new system did away with the 15-year-old practice of revising the price of petrol and diesel every fortnight as per international rates.
With the price of the two most traded benchmark crude – Brent and West Texas Intermediate – having risen the most since December 2014, there has been a growing call for the government to slash the excise duty on fuel. The Centre, however, has been urging states to cut the VAT they levy on diesel and petrol.