In most metros, diesel price rise cancels out Centre's Rs 2.50 cut
The prices of diesel and petrol shot up again today. Diesel prices escalated by over 20 paise per litre and petrol went up by 11 paise per litre.
On October 4, Centre had announced a cut of Rs 2.50 per litre in diesel and petrol prices. Several states followed the suit and announced an additional cut of Rs 2.50 per litre.
However, soon after, the fuel prices resumed their ascending trend. Except Maharashtra, diesel prices across other major cities have gone up by almost Rs 2.75 per litre, while petrol prices have risen by nearly Rs 2 per litre since October 5.
Here is how much it will cost you today:
Meanwhile, Prime Minister Narendra Modi met the leaders of oil and gas companies on October 15. The heads of oil and gas companies and organisations met Narendra Modi to discuss the the emerging energy scenario, effects of US sanctions on Iran and volatile oil prices affecting economic growth. PM Modi made a strong case for a partnership between oil consuming and oil producing countries.
PM Modi pointed oil consuming countries like India face economic challenges and resource crunch due to rising crude oil prices. He called for review of payment terms between oil consumers and producers to curb weakening of rupee.
The hike in crude oil prices has resulted in sky rocketing domestic fuel prices. Rupee has also touched record low levels multiple times and has lost over 15 per cent of its value this year. India is the third largest oil consumer in the world.