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Gasoline will cost Rs 111.09 in Mumbai today;  Diesel at Rs 101.78 after the 2nd day of hiking

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Petroleum marketing companies (OMCs) hiked gasoline and diesel prices for the second day in a row on Friday. The price of gasoline has been increased to 35 paise a liter and diesel up to 37 paise, according to a price notification from state-owned fuel retailers.

This sent the price of gasoline in Delhi to its highest ever recorded level of Rs 105.14 per liter and to Rs 111.09 in Mumbai. Diesel rates have also reached a record high of Rs 93.87 in Delhi and Rs 101.78 in Mumbai.

Prices differ from state to state depending on the incidence of local taxes.

Oil companies revise gasoline and diesel prices on a daily basis based on the average benchmark fuel price on the international market over the previous 15 days and exchange rates.

Meanwhile, Kerala Finance Minister KN Balagopal said on Wednesday that including petroleum products in the GST (goods and services tax) would not help lower fuel prices and that prices would not help reduce fuel prices. would only decrease if the Center waived the tax on gasoline and diesel. To counter the claim that including gasoline and diesel under the GST would lower fuel prices, the minister cited rising gasoline prices, which are already under the GST.

While responding to a motion to call for attention introduced by senior congressman Thiruvanchoor Radhakrishnan to the state assembly, Balagopal blamed the central government decision in 2014 that allowed oil companies to price gasoline and diesel. His comments come amid record high gasoline and diesel prices, according to the PTI news agency.

(Edited by : Anshul)

First publication: STI

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