Petrol, diesel prices at fresh highs as rates up for 2nd straight day

The increase took petrol price to an all-time high of Rs 87.60 a litre in Delhi and to Rs 94.12 in Mumbai

Petrol price rise by 59 paise per litre, diesel by 58 paise; seventh hike in a row

Rates have been increased across the country and vary from state to state.

In the wake of Reserve Bank of India's report on demonetisation, Naidu said Centre was unable to 'properly manage demonetisation'.

The senior Congress leader said that the govt has become clueless and floundering and is living off an oil bonanza.

He also went on to say that states are the ultimate beneficiaries of tax collection on petrol and diesel.

Petroleum Minister Dharmendra Pradhan last week had favoured the inclusion of petrol and diesel under the ambit of GST.

As of now, petrol prices contain other elements like Centre-imposed excise duty, state-imposed VAT and dealer's commission.

Pradhan said global oil refining capacity has dropped by 13 per cent due to Irma and Harvey.

The prices are revised every day based on crude price movements.

Oil Minister Dharmendra Pradhan said daily revision of fuel prices is in the best interest of the consumers.