Fuel prices witness fresh hike

Virginia Carson
October 7, 2018

Petrol in Maharashtra had crossed Rs 91 per litre and diesel was selling above Rs 80 per litre before the state and central government made a decision to lower taxes. On Thursday, October 4, the price of petrol hit the Rs 84 per litre mark in Delhi while diesel cost went Rs 80 per litre in Mumbai. In the same period in 2016, the prices of the petrol and Diesel stood at around Rs 62 and Rs 50 and Rs. 66 and Rs 56 in Mumbai.

Madhya Pradesh government has also chose to give an additional relief of ₹2.5/litre on Petrol and Diesel to give total benefit of ₹5/litre in the state, tweeted Madhya Pradesh CM Shivraj Singh Chouhan.

The state and and Centre's decision collectively resulted in a drop in petrol prices by around Rs 4.37/litre, against the promised Rs 5/litre, from 6 a.m. on Friday in Maharashtra, which had been reeling under the highest fuel prices anywhere in the country.

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The government lowered the excise duty by Rs 1.50 a litre and asked state-run oil marketers to cut price by Re 1 a litre. Other BJP-ruled states are expected to follow suit.

Jaitley said, "Excise duty will be reduced by Rs 1.50 and Oil Marketing Companies (OMCs) will absorb Rs 1".

Kerala Finance Minister Thomas Isaac however, said his government would not cut fuel prices, News18 reported.

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After the minister's announcement, Jharkhand, Gujarat, Chhattisgarh and Maharashtra too announced a reduction in fuel prices. After continuously being on an ascent for over three months, the fuel prices are likely to witness a dip with effect from Thursday midnight.

Nayara, Reliance and smaller private rival Shell together own around 6,000 fuel retail outlets, compared to the 55,000 outlets operated by state firms. At the same time, the prices of crude oil in the global market was $108 per barrel but the prices of the crude oil dropped to $77 per barrel at the start of November and further reduced to $36 in March, 2016.

The recent reduction in Value-Added Tax and excise duty is due to elections in 5 states in November-December. "The government has cut down borrowing this year by Rs 70,000 crore".

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