The latest revision of petrol and diesel prices saw it breach record levels. With the hike, petrol price in Chennai recorded Rs.76.59, while that of diesel was Rs. 68.12.
According to reports, the Oil Ministry had requested a reduction in excise duty on petrol and diesel in February. But, other reports state that the global increase in crude oil prices has pushed the prices of domestic fuel far higher.
Reports also say that this makes India the most expensive South Asian country to buy fuel from.
It is to be noted here that starting June 2017, petrol prices have been revised on a daily basis. Domestic oil companies gave up the practice of revising prices twice a month and adopted the practice of daily revisions to better reflect the impact of changing prices.
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