Oct 8: Petrol price hiked by 21 paise in Mumbai, diesel up by 31 paise

Oct 8: Petrol price hiked by 21 paise, diesel up by 31 paise in Mumbai
Petrol is retailing at Rs 87.50 per litre and diesel at Rs 77.37 per litre in Mumbai today (Representational Image, Courtesy: CNBC TV18)

The prices of petrol and diesel in Mumbai continued to soar on Monday, barely four days after the Centre and State cut taxes on fuel prices to alleviate the burden of rising fuel costs.

In Mumbai, petrol and diesel rates were hiked by 21 paise and 31 paise respectively today. As a result, petrol is retailing at Rs 87.50 per litre and diesel at Rs 77.37 per litre.

In New Delhi, petrol is priced at Rs 82.03 per litre while diesel rates have escalated to Rs 73.82, following a hike of 21 paise and 29 paise respectively.

On October 4, Union Finance Minister Arun Jaitley had announced a cut in petrol and diesel prices by Rs 2.50 per litre, factoring in excise duty reduction of Rs 1.50 per litre and oil companies absorbing a reduction of Re 1 per litre.

Shortly after, Maharashtra Chief Minister Devendra Fadnavis announced a similar cut in the prices of petrol and diesel by reducing the sales tax and VAT levied on fuels.

Following the reduction, the price of petrol had dropped from Rs 91.34 to Rs 86.97 and diesel from Rs 80.10 to Rs 77.45 on October 5.

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