Fuel rates have been on fire since mid-August, rising nearly every day due to a combination of a drop in rupee value and rise in crude oil rates.
In Delhi, the petrol price has been risen to a record ₹79.
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In Kolkata, the price of petrol has been increased to ₹82.22 per litre while the diesel price has gone up to ₹74.19 per litre.
Senior Congress leader P Chidambaram blamed the Centre for rising petrol and diesel prices, saying that it was happening due to "excessive taxes". "This is further hurting Asian currencies", the official said. The surge in fuel prices is due to spike in global crude prices and the depreciation of the rupee, reports said.
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. The government has budgeted fiscal deficit to be at 3.3% of GDP in 2018-19.
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The prices of PNG were raised by Rs 1.11 per standard cubic meter, costing now at Rs 28.25 per scm, while same in Noida, Greater Noida and Ghaziabad would be Rs 30.10 per scm, which has been increased by Rs 1.26 per scm.
A higher fuel price brings risk of an increased inflation, which could ultimately result in the Reserve Bank of India (RBI) hiking key interest rates, which makes borrowing more expensive. In October 2017, the excise duty on petrol was reduced by Rs 2 per litre, the first such reduction by the current BJP government. Besides, states levy a value-added tax (VAT), the lowest being in Andaman and Nicobar Islands where a 6% sales tax is charged on both the fuel.
Diesel now costs Rs?75.54 per litre in Mumbai. "We can not reduce defence expenditure or interest payments if we decide to cut excise of petrol and diesel", the official explained.
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On Sunday, retail rates of fuel had witnessed a hike with petrol being sold at Rs 78.84 per litre and diesel at Rs 70.76 per litre in New Delhi.