Increasing Continuously Fuel prices reach new high

Ivan Schwartz
September 10, 2018

Senior party leader Dilip Pandey said unrest against Narendra Modi-led government is growing and the opposition can not remain silent to the plight of common man affected by issues like fuel price hike, corruption and unemployment.

Petrol and diesel prices set new records on Sunday as they continued their upward march on fall in rupee and surge in global crude oil rates.

Amid nationwide strike against the spiralling fuel prices, petrol and diesel rates were hiked again on Monday in metro cities across India.

Meanwhile, the increase pushed the petrol price in Delhi to Rs 80.38 per litre. While petrol costs ₹88.12 a litre, diesel is priced at ₹77.32 a litre, according to the daily price notification issued by OMCs. Both petrol and diesel prices have been at their all-time high in the country for around a week now, due to increase in crude oil prices and depreciation in the rupee against the dollar.

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

This is the biggest increase in rates in any fortnight since the daily price revision was introduced in mid-June previous year. "Midway change in price of fuel derails the economics of transporters", said Mukesh Dave, executive president of Akhil Gujarat Truck Transport Association. A reduction in retail prices can happen only if excise duty is reduced - in which case the Centre and state governments bear the loss, or the oil firms bear it directly. Because the price is built up by excessive taxes on petrol and diesel.

Andhra Pradesh has the third highest percentage of Value-Added Tax on petrol at 35.77% after Maharashtra and Madhya Pradesh and the highest on diesel at 28.08%. Taking a dig at the Narendra Modi-led BJP government at the Centre, the NDA constituent put up posters on Saturday which quoted the prices of petrol, diesel and gas in 2015 as against the prices in 2018.

Other reports by GizPress

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