Yashwant Sinha Slams Government For Hike In Prices Of Petrol, Diesel

Fuel prices continue to rise petrol at new all-time high of Rs 86.72 a litre in Mumbai

Petrol price has risen by Rs 2.17 per litre since August 16 while diesel rates have climbed by Rs 2.62 - the biggest increase in rates witnessed in any fortnight since the launch of daily price revision in mid-June past year.

The rupee-dollar exchange rate has dropped to an all-time low of Rs 71.42 to a dollar on August 31.

The price differential between petrol and diesel in Mumbai has also reduced to one of the lowest of the year - at Rs 11.02 per litre, which means petrol cars seem to have as good an operational benefit as their diesel siblings.

Diesel prices gain significance as the fuel is used in the transportation of farm products and a rise in the prices may push up inflation.

The surge in fuel prices is largely attributed to the rise in crude oil prices and high rate of excise duty in the country.

Manchester City beat Newcastle United 2-1 in Premier League tie
Guardiola has pledged to omit the Brazilian at times, though he accepts he is hard to replace, explaining: "Fernandinho is a gift".

On Tuesday, petrol and diesel prices continued to witness the unprecedented rise.

Similarly, the price build-up of diesel in Delhi at ₹71.15 a litre includes excise duty of ₹15.33, dealer commission of ₹2.51, and Value-Added Tax of ₹10.46 (including Value-Added Tax on dealer commission).

The price of diesel, paraffin and LP gas will remain unchanged.

Petroleum prices, which are determined by the cost of crude oil in global markets, may continue to go up as the worldwide markets are under pressure due the United States sanctions on Iran and Saudi Arabia's decision to cut oil production. The Centre now levies an excise duty of Rs 19.48 per litre on petrol and Rs 15.33 on diesel. The Congress is also in touch with the other parties as it plans to take on the Narendra Modi government over rising fuel prices. "Secondly, global currencies have weakened against the U.S. dollar", he said.

This year, there's South Africa has been hit by record fuel prices. "We can not reduce defence expenditure or interest payments if we decide to cut excise of petrol and diesel", the official explained. The cost of petrol in Delhi went up Rs 1.64 per litre, Mumbai Rs 1.63, Chennai Rs 1.72 and Kolkata Rs 1.61 per litre.

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