Petrol, diesel price hike: Check fuel rates in top cities today

Petrol, diesel price hike-Check fuel rates in top cities today

The latest rise takes petrol and diesel prices to a new all-time high

After remaining unchanged for a day, petrol and diesel prices rose by around 20 paise across the major cities on Thursday. With this rise, petrol and diesel prices have touched a new all-time high.In the national capital, petrol price inched closer to touch the 80-mark with an increase of 20 paise per litre.In Delhi and Mumbai, petrol is retailing at Rs 79.51 and Rs 86.91 per litre respectively, according to a price notification of state-owned fuel retailers.

Diesel prices also saw a similar increase. In Delhi, the rate of the key transportation fuel went up by 21 paise to be priced at Rs 71.55 per litre.

In Mumbai, its price increased by 22 paise to touch a new all-time high of Rs 75.96 per litre.

As per a recent report, the government is not considering a cut in excise duty on petrol and diesel to bring down their prices.With imports becoming costlier because of a free-fall in rupee against the US dollar, the government believes the current account deficit will overshoot the target and it cannot "disturb fiscal maths by cutting excise duty on petrol and diesel," the official, who wished not to be identified, said.

Last week, credit rating agency Moody's Investors Service said there are risks of India breaching the 3.3 per cent fiscal deficit target for the current financial year ending March 31, 2019, as higher oil prices will add to short-term fiscal pressures.CAD will widen but will not jeopardise India's external position, and the gap will remain significantly narrower than five years ago, it had said.