After the protests and the government’s move to cut down taxes on fuel prices, petrol and diesel prices are constantly increasing. In Mumbai, the petrol price is again ready to cross 90-rupee-mark.
On Friday, petrol in Mumbai is being sold at ₹87.94 per litre with an increase by ₹0.12 and diesel at ₹78.51 with an increase by ₹0.29.
Earlier, to cut down the fuel prices, the central and state government announced a tax cut of total ₹5 per litre on petrol. However, for diesel prices, the central government gave ₹2.5 per litre relaxation and Maharashtra government followed with the tax cut of ₹1.5.
Since the government has announced tax cut in fuel prices, the rate of increase in petrol prices is slow as compared to diesel. However, the prices of both, petrol and diesel, are constantly rising.
Another reason for the fuel price hike is the increasing price of crude oil in the international market and also the depreciation of rupee against dollar.
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