Economy

Petrol, diesel prices hiked again

Petrol, diesel prices hiked again

The prices of both petrol and diesel, have been at their record high levels for around a week now. On Saturday, the fuel prices jumped to new record highs with a litre of petrol costing Rs 80.38 per litre and Rs 72.51 per litre that for Diesel in Delhi.

Petrol and diesel prices were Friday hiked by about 50 paise per litre each - the steepest increase in rates since daily price revision came into effect over 14 months back - to push rates to their highest ever. Since then, petrol and diesel prices have, overall, gone up by Rs 2.71 and Rs 3.19 respectively. In Kolkata, diesel is priced at Rs. 75.46/ litre, in Mumbai Rs. 77.09/ litre, and Rs. 76.75/ litre in Chennai.

"The fuel price hike mainly is due to the depreciation of rupee against the dollar". They blame the government's unwillingness to cut excise duty for the high fuel prices and consumer burden. According to oil companies, petrol at refinery gate costs around Rs 40.50 a litre and diesel Rs 43.

To protest against the spiralling fuel prices, opposition parties have called for a "Bharat Bandh" on Monday.

Flash Flood Warnings in effect for North Texas
Some stronger, even severe storms are possible through Saturday evening as high winds and heavy rains would be the main threats. While mostly minor flooding is expected along the MS , from Winfield north, moderate flooding can be expected.

The Congress on Saturday hit out at the BJP for its "stoic silence" on key issues like the falling rupee, rising fuel prices and the alleged Rafale scam, dubbing it as the "Bahut Jhoothi Party [party of liars]".

On Tuesday, former Finance Minister P Chidambaram had tweeted: "Relentless rise in prices of petrol and diesel is not inevitable".

The Centre now levies an excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel.

Opposition Congress has demanded that the Centre cut excise duty as was done by previous governments, which cut rates whenever global oil prices shot up. Delhi charges a Value-Added Tax of 27% on petrol and 17.24% on diesel. This led to its excise collections from petro goods more than doubling in the last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18.


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