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Steady rise in supermarket fuel prices

29 May, 2018, 18:43 | Author: Shawna Walton
  • Petrol Pumps

Petrol price was today hiked by 15 paisa and diesel by 11 paisa. "I have already categorically stated (on) this issue several times". However, as Russian Federation and the oil cartel agreed to increase supplies, crude prices have eased off considerably. 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".

It also said that one suggestion to further rationalise the petrol and diesel prices is to consider a pricing mechanism where VAT is imposed on base price only by states and not on prices inclusive of the Centre's tax.

In line with petrol prices, the other key transportation fuel, diesel prices in Delhi, Kolkata, Mumbai and Chennai, rose to Rs 69.17.

In Kolkata, the price of petrol inched closer to a four-year high level at Rs 80.91 per litre. "We are sensitive let's see how things are unfolding". "That process is underway", he had said. In the run-up to state elections in the southern state, the oil companies had stopped revising the petroleum prices for over a fortnight.

Amid the rise in fuel prices, crude oil futures fell 2.73 per cent to Rs 4,485 per barrel on Monday, in line with the weak trend overseas as the market eyed an increase in output from top crude producers - Russia, the United States, and Saudi Arabia. Rates at refinery gate were revised on fortnightly basis but not all of the desired hike was passed on to the consumers and that increase not passed on converted into a subsidy.

He said petrol retailers made just 4c on each litre they sold, with the rest going in taxes.

The UPA government finally freed petrol price in June 2010 and the diesel rates were decontrolled by the current BJP government in November 2014. Former Finance Minister P Chidambaram recently claimed that it was possible for the government to cut up to Rs 25 per litre in petrol prices. Central government puts additional tax of Rs 10 on every litre of petrol. Every rupee cut in excise duty on petrol and diesel will result in a revenue loss of Rs 13,000 crore.

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