Fuel price will rise next month despite government intervention

Virginia Carson
September 4, 2018

Had the government not stepped in to absorb most of the under-recovery caused by the sinking value of the rand and a modest rise in global oil prices, the price of petrol would have gone up by 28 cents per litre and diesel by 31 cents a litre on Wednesday 5 September, according to the normal Central Energy Fund calculations, and that's over and above the aforementioned 5 cent retail increase. "This unsuccessful government should take some measures to curb the prices", Vohra said. In Kolkata, petrol was retailed at Rs 82.22 per litre and diesel at Rs 74.19 per litre.

But the Opposition launched a fresh offensive on the government over the hike in fuel prices.

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Petrol price has risen by Rs 2.17 per litre since August 16 while diesel rates have climbed by Rs 2.62 - the biggest increase in rates witnessed in any fortnight since the launch of daily price revision in mid-June a year ago. He also said that the factors responsible for drop in production of crude oil have caused a spike in fuel prices in India. Petrol price had previously hit its highest level five months ago on May 29. Diesel prices on the other hand have risen by Rs 2.42 a litre during this period.

A litre of petrol in Mumbai costs Rs 86.72 while diesel is priced at Rs 75.74 per litre. The price of crude oil went up to $78.05 per barrel on Tuesday from $77.37 per barrel on Monday. "Apart from that, crises in countries like Venezuela and Iran are increasing".

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"As for the Rupee, it has depreciated by about 11 per cent against the U.S. dollar since the beginning of this calendar year owing to its sensitivity to crude oil prices and significant outflows of foreign investment. Secondly, global currencies have weakened against the U.S. dollar", he said.

Pradhan said that the government was planning to put diplomatic pressure. Besides, states levy a value-added tax (VAT), the lowest being in Andaman and Nicobar Islands where a 6% sales tax is charged on both the fuel.

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Diesel is expected to rise by 1.

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