Karnataka government cuts fuel prices by Rs 2 per litre

Karnataka government cuts fuel prices by Rs 2 per litre

The petrol and diesel prices in Bengaluru had risen to Rs. 84.58 and Rs. 76.10 per litre respectively, as of Sunday. Also, political pressure was building on the HDK government after other non-BJP-ruled states announced tax cuts on fuel.

Fuel prices in the country hit a new benchmark on Saturday with the price of petrol in Mumbai touching Rs 89 per litre, for the first time ever.

The prices of petrol and diesel rose once again this morning, continuing a recent trend of almost daily hikes.

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A combination of a dip in rupee value against the USA dollar and rise in crude oil prices has led to a spike in pump prices since mid-August. Chief Minister H D Kumaraswamy on Monday announced his JDS-Congress coalition government's decision to reduce the fuel prices.

The Vasundhara Raje government in Rajasthan too had announced tax cuts on petrol and diesel, which led to prices falling by Rs. 2 per litre.

In Delhi, fuel prices have been capped off at 82.06 rupees per litre, while diesel has been priced at 73.78 rupees, having increased 6 paise. The all-time high price of diesel in the city was Rs 75.82 per litre which was recorded on Tuesday. The hike in diesel price has been steeper. The oil ministry had sought a reduction in excise duty on petrol and diesel to cushion the impact of rising worldwide oil rates. This, coupled with a steady, near-daily fall in the rupee's value against the dollar, has spelt bad news for the Narendra Modi government at the Centre. The government, for its part, has blamed global factors for the rising prices.

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