Despite Opposition's 'Bharat Bandh' three days earlier this week, fuel prices maintained its upward march on Thursday too, as petrol was being sold for Rs 88.39 per litre in Mumbai. Diesel's retail price was at Rs 77.58 per litre.
In Delhi, petrol and diesel prices are at Rs 81 per litre and Rs 73.08 per litre. In Chennai, the prices are Rs 84.19 per litre and Rs 77.25 per litre respectively. In Kolkata, the retail prices are Rs 82.98 per litre and Rs 75.03 per litre respectively.
On Tuesday, the petrol price reached a new high, when it was sold at Rs 90.11 in Maharashtra's Parbhani district.
On the same day, West Bengal became the third state, after Andhra Pradesh and Rajasthan, to cut down fuel prices. Announcing a price cut of Re 1 per litre for petrol and diesel, CM Mamata Banerjee said that the decision was intended to give relief to people of the state, who have been constantly under pressure of rising fuel prices for past weeks.
However, the Central government on Monday, the day Bharat Bandh was held by 21 Opposition parties, including Congress, ruled out immediate excise duty cuts on increasing fuel prices, saying such a move would result in a huge revenue loss.
While a duty cut will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT), said an official.
The government, he said, anticipates that international oil prices, which together with a drop in the value of rupee has been fuelling the fuel price rise to record levels, will moderate in coming days to take pressure off.
(With Inputs from ENS)