Ghanti Bajao FULL: Why are Petrol, Diesel prices increasing?

Cost of petrol and diesel which is already at unprecedented levels in the country, rose for the eleventh consecutive day on Tuesday. In the national capital, petrol is being sold at Rs 79.31 per litre, up from Rs 79.15 on Monday. The cost of diesel in Delhi is Rs 71.34 per litre today as against Rs 71.15 on Monday.

While for the people in Mumbai, the price of petrol in the city today is Rs 86.72 per litre and diesel is at Rs 75.74 per litre.

The surge in fuel prices is largely attributed to the rise in crude oil prices and high rate of excise duty in the country. The recent slump in rupee also has lifted the import cost of crude oil, subsequently raising fuel prices.

Meanwhile, former Union Finance Minister P. Chidambaram expressed his concern over petrol and diesel prices rise. On Monday he said the Centre and states must act together to bring petrol and diesel under GST immediately. "Relentless rise in prices of petrol and diesel is not inevitable. Because the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly," Chidambaram said on Twitter.

Petroleum Minister Dharmendra Pradhan has blamed "external" factors for the rise in petrol and diesel prices.