Stagnant just for day, the fuel prices have again hit new records today. Fuel prices on Thursday skyrocketed again selling at Rs.90.35 per litre in Mumbai with diesel selling at Rs.78.82 per litre.

The price of petrol in the national capital has touched Rs.83 per litre and that of diesel is priced at Rs.74.24 per litre.

With an increase in petrol prices, the layman is feeling the pinch in their pockets as the fares of vehicles have increased.

However, states including West Bengal, Karnataka and  Andhra Pradesh had struck the excise duty reducing the state taxes levied on petrol and diesel. 

Oil Minister Dharmendra Pradhan on Wednesday said reducing taxes on these items will not have any lasting impact due to the continuing volatility in crude prices.”The basic problem is that crude prices are volatile. The effect of any measures, including reduction in VAT by the states and the Excise duty by the Centre will not last long due to the volatility in crude prices,” Business Standard reported. 

The government earlier said that the reason behind increase in fuel prices is because of the rupee falling rapidly against the dollar and also increase of oil import prices internationally. 

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