Petrol, diesel prices hiked for 16th straight day

Virginia Carson
May 29, 2018

Petrol in Delhi costs Rs 78.27 a litre and diesel is priced at Rs 69.17.

Chennai also entered the Rs 73 per litre club after Mumbai, as the price was hiked by 15 paise available at Rs 73.18 per litre on Monday, compared to previous price of Rs 73.03 per litre.

Petrol prices across the four metros have been increased by over Rs 3 per litre in the past 16 days, leading to a political slugfest.

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During his electoral campaign in 2014, Prime Minister Modi had attacked the Congress on rising fuel prices back then and said that under the BJP's rule, people would witness a steep decline in petrol and diesel prices, and the rupee-dollar exchange rate.

In Mumbai and Chennai, petrol was sold at Rs 85.78 and Rs 80.95 a litre, respectively, up from Rs 85.65 and Rs 80.80 per litre on Friday. The revised prices came into effect at 6 am today. "Hike in the global price of crude, fluctuation in the dollar and Indian currency ratio, and some of the tax issues are also there", he told reporters here. Whereas, Mumbai and Chennai saw the most hikes - by as much as Rs 3.59 per litre and Rs 3.62 per litre respectively. The Central government levies Rs 19.48 excise duty on a litre of petrol and Rs 15.33 on diesel.

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

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As the Centre has come under fire over fuel price hike, Union Petroleum and Natural Gas Minister Dharmendra Pradhan earlier assured the public that the government will soon take out a solution to tackle the situation. "This is the most plausible scenario under the current circumstances", the SBI report said.

The price rose to Rs 77.97 in Delhi from Rs 77.83 a litre on Friday, data from the Indian Oil Corp website showed.

"However, if this was to happen, the state will have to forego Rs 34,627 crore of tax revenue / 0.2 per cent of consolidated fiscal deficit of states", said Ecowrap. The opposition parties and people have been demanding a cut in Centre and state tax on fuels. Simply passing on higher prices to consumers will certainly hurt its prospects in the election next year.

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