After the tax cut implemented by central and state government on fuel prices, the petrol and diesel prices are still unwilling to come down. On Saturday, Petrol price in Mumbai was increased by 18 paise and diesel by 70 paise per litre.
Earlier on October 4, Finance Minister Arun Jaitley announced the reduction in petrol and diesel prices by ₹2.5 per litre. As this happened, the Maharashtra government also followed centre’s move and announced another ₹2.5 cut on petrol prices and ₹1.5 on diesel prices.
However, the fuel prices in Mumbai are still increasing with petrol price on Saturday set at ₹87.15 per litre and diesel being sold at ₹76.75 per litre.
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The increased price of crude oil at $86 per barrel has elevated the cost of oil companies. This is because of the rupee depreciation against the dollar which has increased pressure on the oil companies. On Saturday, the rupee was recorded at ₹74.07 against one dollar.
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