New Delhi sources stated that according to a price notification the state owned oil firms, which have been since June last year revising auto fuel prices daily, today raised petrol and diesel rates by 18 paisa per liter each in Delhi. Meanwhile the petrol in Delhi costs Rs 73.73 a liter, the highest since September 14, 2014 when rates had hit Rs 76.06. Accordingly Diesel price at Rs 64.58 is the highest ever, with previous high of Rs 64.22 being on February 7, 2018.



Earlier the Oil Ministry had sought a reduction in excise duty on petrol and diesel to cushion the impact rising international oil rates but Finance Minister Arun Jaitley in his Budget presented on February 1 ignored those calls. Accordingly India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.

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Moreover the state owned oil companies, Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation in June last year dumped the 15 year old practice of revising rates on the 1st and 16th of every month . Further the centre had asked states to also lower VAT but just four of them Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh reduced rates while others including BJP-ruled ones ignored the call.

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