Petrol, Diesel Prices Rise For 16th Day

Petrol prices go up every single day at store chains as more than 8p per litre is added to average pump prices in the past two months

Petrol prices go up every single day at store chains as more than 8p per litre is added to average pump prices in the past two months

The prices went up by around 15 paise; rates in metro cities now are Rs 78.43 (Delhi), Rs 81.

"Given that these revenue if foregone will not impact states fiscal position, we estimate that on an average, states can cut petrol prices by Rs 2.65/litre and diesel by Rs 2/litre, if the entire revenue gain was to be neutralised".

The price of petrol was increased by 15 paise per litre on Monday, taking it beyond Rs 86 in Mumbai.

Further, in Kolkata, petrol price, now inching towards a four year high, was sold at Rs 80.61, against 80.47 per litre on Friday.

The incessant hike in petrol and diesel prices has been mostly due to rise in crude oil prices and the high taxes - excise duty and VAT - levied on fuels.

In states, petrol cost Rs 82.76 a litre in Hyderabad and in Bangalore Rs 79.40 a litre.

Average fuel prices across the board have risen by 8.5p - more than supermarket prices, although prices have not risen day in, day out like those of supermarket fuel.

Police Shoot and Wound Gunman at Trump Golf Club in Florida
According to CBS News , they confirmed that no "protectees were in the Miami region at the time of the incident". Police responded to an active shooter report at the Trump National Doral Miami resort early Friday morning.

"Our analysis shows that at the current crude prices and extending our analysis to 19 states (overall consumption share is 93 per cent), the states could have gained at least an additional Rs 18,728 crore of revenue (in 2018-19)", said SBI's Ecowrap report. However, Bihar Deputy Chief Minister Sushil Kumar Modi on Sunday said that "it is a big misconception (among the people) that price of petroleum products will be reduced significantly if they are brought under GST ambit".

He also said that the weakening of the Indian rupee against the USA dollar was causing the fuel price hike.

Breaching the previous high of Rs 76.06 per litre touched in New Delhi on September 14, 2013, petrol has touched an all-time-high with this increase.

He said: "Central government saves Rs 15 on every litre of petrol due to fall in crude oil prices". Simply passing on higher prices to consumers will certainly hurt its prospects in the election next year.

These fuel prices put the United Kingdom 10th among European Union member states for the price of fuel.

Average UK forecourt prices are now at their highest since October 2014 at £1.26 per litre for unleaded and £1.30 for diesel, says RAC Fuel Watch, which blames a rise in the price of oil to more than 80 USA dollars plus a weakening of the pound.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.