Diesel prices continue to rise for the 10th consecutive day. The price rise has wipe out all of the Rs. 2.50 per litre cut in rates that was announced on October 4th by the Finance Minister.
Earlier, in this month Finance Minister Arun Jaitley had announced the cut in rates by Rs. 2.50 per litre through excise duty and oil company subsidy. The government had cut excise duty on diesel and petrol by Rs. 1.50 and asked the oil companies to subsidise the fuel by another Re.1 per litre.
However, the fuel prices continued to rise subsequently. On Monday, the petrol price remained constant, the diesel prices were rised by 8 paise per litre in Delhi and Kolkata and 9 paise a litre in Chennai and Mumbai.
Diesel in Delhi is being retailed at Rs 75.46 per litre and Rs 77. 31 per litre in Kolkata. In Mumbai, diesel touched Rs 79. 11 per litre mark, while the same is being retailed at Rs 79.80 per litre in Chennai.
Meantime, the petrol price in these metropolitan cities remains constant. The fuel in prices in India has been continuously rising since past few months.