The prices of petrol and diesel touched a new high on Tuesday with Mumbai paying the maximum among the four metros.
The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹71.18 against the USA dollar on Monday, compared to the previous close of ₹70. Addressing a press conference, the Andhra Pradesh chief minister said that in addition to petrol prices, the rupee value would also touch Rs 100 against one United States dollar.
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In the national capital, petrol was sold at Rs. 79.15 per litre, up from Rs. 78.84 on Sunday.
Domestic credit rating agency Icra said in a report on Monday that global oil prices have risen by about 10 per cent over the past two weeks on declining inventories and faster than anticipated decline in Iranian exports as the countdown to the enforcement of USA sanctions begins.
The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October a year ago by Rs 2 a litre. "If taxes are cut, prices will decline significantly", he said. Diesel cost Rs 2.16 per litre in Delhi, Rs 2.30 in Mumbai, Rs 2.31 in Chennai and Rs 2.17 per litre for the past 10 days.
It's necessary to bring worldwide factors in line to curb the surge in prices, Pradhan added. "Apart from that, crises in countries like Venezuela and Iran are increasing. This is further hurting Asian currencies", the official said. Besides, states levy a value-added tax (VAT), the lowest being in Andaman and Nicobar Islands where a 6% sales tax is charged on both the fuel. They are going to hit a century. "You can then buy petrol paying a dollar", he said.