Petrol, diesel prices reach new high on Friday

In 2018 petrol prices are up by about 14% while diesel is up a fifth

On May 28, the diesel rates touched Rs 69.31 per litre which was considerably higher than the previous. The result is, the centre would have earned over Rs 10 lakh crore from taxes on petrol and diesel between 2014-15 and 2018-19.

Retail prices of petrol and diesel breached record levels on Friday with Oil Marketing Companies raising rates by 48 paise per litre and 52 paise per litre for the two automobile fuels in the national capital. The price of petrol increased from Rs 79.31 per litre on Wednesday to Rs 79.51 on Thursday in Delhi. Mumbai has the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel.

On Wednesday, Finance Minister Arun Jaitley was remained non-committal on cutting excise duty to cushion spiralling petrol and diesel prices, saying global oil prices are volatile and have not shown any linear movement.

Opposition parties have announced nationwide strikes and protests next week over record-high fuel prices which they blame on high taxes.

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The Centre now levies a total of Rs. 19.48 per litre of excise duty on petrol and Rs. 15.33 per litre on diesel. In Mumbai, petrol was sold at Rs 86.91 at petrol pumps, while diesel costed vehicle owners Rs 75.96 per litre.

Petrol and diesel prices are revised daily by state-run oil firms at 6 am.

The rupee on the other hand, breached the crucial 72 mark against the U.S. dollar for the first time on Thursday.

India imports about 80% of its crude oil, and the falling Indian rupee will make the imports costlier and lead to a rise in fuel prices.

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