The price of diesel in Mumbai is Rs 69.17 per litre.
Diesel rates in Mumbai reached an all-time high on Monday, according to the latest charts released by the Indian Oil, being sold at Rs 69.17 per litre as opposed to 69.13 per litre on Sunday.
The Oil Ministry had earlier this year sought a reduction in excise duty on petrol and diesel to cushion the impact rising international oil rates but Finance Minister Arun Jaitley in his Budget, presented on February 1, ignored those calls.
Since June, state-owned oil firms have been revising auto fuel prices on a daily basis. Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
Subsequent to that excise duty reduction, the Centre had asked states to also lower VAT but just four of them -- Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh -- reduced rates while others including BJP-ruled ones ignored the call.
State-owned oil companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- in June last year dumped the 15-year old practice of revising rates on the 1st and 15th of every month. Instead, they adopted a daily price revision system to instantly reflect changes in cost.