Diesel price rose for the 10th consecutive day on Monday to wipe out all of the Rs2.50 per litre cut in rates announced earlier this month through excise duty cut and oil company subsidy.
The Government had, with effect from October 5, cut excise duty on petrol and diesel by Rs1.50 per litre and asked state-owned oil firms to subsidise the fuel by another Rs1 a litre. However, the retail selling price continued to rise on subsequent days. Petrol costs Rs82.72 per litre and has witnessed an increase of Rs1.22 per litre since the October 4 decision.