Economy News

Fuel prices on a rising streak for ninth consecutive day

On February 17, retail fuel prices jumped up for the ninth consecutive day to record new highs in cities across the country.

The national capital witnessed a hike in petrol price by 25 paise reaching Rs.89.54 per litre against it’s February 16 record of Rs 89.29 per litre.

Moreover, diesel price also soared high reaching Rs 79.95 therefore  increasing by 25 paise from the previous day.

On the other hand, petrol and diesel prices scaled to  Rs 96 per litre and Rs 86.98 per litre respectively in Mumbai.

However, Chennai automobile owners reportedly expended Rs 91.68 per litre and Rs 85.01 per litre of petrol and diesel.

Petrol and diesel prices in Kolkata saw moderate increase with Rs 90.78 per litre and Rs 83.54 per litre.

Meghalaya government on Tuesday slashed retail prices of petrol and diesel by another over Rs 5 by reducing VAT on them.

Further, the total decline in prices will be Rs 7.4 for petrol and Rs 7.1 for diesel post the state government’s  announcement of Rs 2 rebate on both the items.

The lowering of prices of both petrol and diesel was a result of the state government’s decision to reduce the VAT.

This reduction in VAT includes 31.62 per cent on petrol to 20 per cent per litre or Rs 15 per litre.

For diesel, VAT decreased by a margin of 12 per cent or Rs 9 per litre from 22.95 per cent.

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