Petrol prices went up by Rs 2.17 per litre since August 16, while diesel rates climbed by Rs 2.62. This came at a time when India's crude oil imports from Iran had increased by 52 percent in June 2018.
Officials have suggested that the increase in petrol and diesel prices is down to mainly the falling exchange rate of rupee against the dollar.
The price of petrol increased by Rs 0.31 per litre while that of diesel was hiked by Rs 0.39 per litre.
Rising oil prices continues to remain a concern with petrol price in Mumbai crossing Rs 86 per litre and diesel being sold at Rs 75.74 per litre on Tuesday.
Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the U.S. dollar.
The fuel prices have been increasing continuously since the beginning of August on the cue of rising crude oil prices and falling rupee against the USA dollar.
Without the intervention, prices could have gone up by another 25 cents per litre.
Similarly, the price build-up of diesel in Delhi at ₹71.15 a litre includes excise duty of ₹15.33, dealer commission of ₹2.51, and Value-Added Tax of ₹10.46 (including Value-Added Tax on dealer commission). "If taxes are cut, prices will decline significantly".
Commenting on the relentless price rise, former finance minister P Chidambaram said: "Relentless rise in prices of petrol and diesel is not inevitable". Petrol price had previously hit its highest level five months ago on May 29. In October 2017, the excise duty on petrol was reduced by Rs 2 per litre, the first such reduction by the current BJP government. "OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised", he told reporters in Surat on Sunday. "Secondly, global currencies have weakened against the USA dollar", Pradhan had said in Surat.
"The Centre blaming the states is a spurious argument. You can then buy petrol paying a dollar", he said.
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