Rs 72.38 a litre: Petrol prices hit highest level since Modi came to power

Petrol prices on Tuesday hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs 63.20 a litre, prompting the oil ministry to seek a cut in excise duty.

Petrol price rose to Rs 72.38 per litre in Delhi, highest since March 2014, according to daily fuel price list of state-owned oil firms.

Rates have risen by Rs 3.31 per litre since mid-December. In Mumbai, prices have crossed Rs 80-mark - costliest in the country.

Diesel is being sold at Rs 67.30 in Mumbai, where the local sales tax or VAT rates are higher.

Since mid-December, diesel rates have jumped Rs 4.86 a litre, according to oil companies.

The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.

The reduction sought is part of the pre-Budget 2018 memorandum submitted by the ministry for the consideration of Finance Minister Arun Jaitley, officials said.