Petrol price today hit 4-year high, diesel at highest level
The Oil Ministry had earlier this year sought a reduction in excise duty on petrol an diesel to cushion the impact rising international oil rates but Finance Minister Arun Jaitley in his Budget presented on February 1 ignored those calls. India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.
Petrol price today hit a four-year high of Rs 73.73 a litre while diesel rates touched an all-time high of Rs 64.58 in the national capital, renewing calls for the government to cut excise tax rates. Image source: Reuters