NEW DELHI, OCTOBER 15: The diesel price rose for the 10th consecutive day on Monday to wipe out all of the ?2.50 a litre cut in rates announced earlier this month through excise duty cut and oil company subsidy.
The Government had, with effect from October 5, cut excise duty on petrol and diesel by Rs 1.50 a litre and asked the state-owned oil firms to subsidise the fuel by another Rs1 a litre.
However, the retail selling price continued to rise on subsequent days.
While the petrol price remained static on Monday, diesel rates were hiked by 8 paise a litre, according to a price notification of the state-owned fuel retailers.
With this, the diesel prices have in the last 10 days been hiked by Rs 2.51 a litre. This is the fastest increase in rates since the oil firms implemented daily price revision in mid-June last year.
It now costs Rs 75.46 a litre in Delhi, a shade higher than Rs 75.45 when the Government on October 4 announced the excise duty cut in 12 months.
Petrol costs Rs 82.72 and has witnessed an increase of Rs 1.22 since the October 4 decision. Petrol on October 4 was priced at Rs 84.
While in Delhi, the diesel rates are at their highest ever, in most the other States, it is lower than the peak as some State Governments had matched the Centre’s move to cut excise duty and oil company subsidy by a similar cut in local sales tax or VAT. (PTI)