Petrol in Mumbai increased by 18 paise, diesel by 31

Even after the concession provided by the government, petrol and diesel prices are constantly increasing. Also, in the race of increase in fuel prices, diesel takes the lead

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Fuel price hike has been a concern for many, over the last few weeks. The petrol prices on Saturday increased by 18 paise per litre in Mumbai and diesel by 31 paise. With the increased price in effect, petrol in the city is being sold at ₹88.12 per litre and diesel at 78.82.

Earlier on October 4, the central government announced the tax cut for petrol and diesel prices by ₹2.5 per litre. With a total of ₹5 concession on petrol by state and central government, this has not benefited the customer as the rates are constantly increasing. 

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On Thursday, the Finance Ministry informed that the oil companies won’t be directed to reduce petrol and diesel prices, and will remain free to determine the rate for fuel depending upon the international market fluctuations. Thus, the fuel price hike is inevitable as the depreciation of rupee against the dollar is falling.

Amid the fuel price hike, Prime Minister Narendra Modi on Friday had a meeting along with Union Finance Minister Arun Jaitley and Union Petroleum Minister Dharmendra Pradhan. In the meeting, the ways to reduce the petrol prices were discussed.

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