Petrol, diesel prices hiked for 16th straight day

Reuters image

Reuters image

He did not share any details of the strategy.

Furthermore, Mumbai and Chennai saw the biggest hikes in diesel prices today.

Average UK forecourt prices are now at their highest since October 2014 at £1.26 per litre for unleaded and £1.30 for diesel, says RAC Fuel Watch, which blames a rise in the price of oil to more than 80 United States dollars plus a weakening of the pound. Simply passing on higher prices to consumers will certainly hurt its prospects in the election next year. "I have already categorically stated (on) this issue several times".

This sent the cost of Brent crude oil down slightly yesterday. The prices are raised by 15 paisa in Kolkata, Mumbai and by 16 paisa in Chennai.

The government said it is likely to levy a "windfall tax", in the form of a cess, on companies like Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) for any revenue that they earn from prices crossing $70 a barrel.

We find it hard to see Brent crude prices materially above $80/bbl (close to current spot prices) in such an environment.

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Impacts will extend far from the storm's disorganized center, having an impact on the northern Gulf coast and parts of Florida. At 1000 AM CDT (1500 UTC), the center of Subtropical Storm Alberto was located near latitude 19.7 North, longitude 86.8 West.

A persistent complaint against the Modi government has been that consumers have not received the full benefits of falling crude prices in the past, but have to shell out more when crude prices rise. He, however, did not elaborate on the solution or the holistic strategy. It is possible to cut up to Rs 25 per litre, but the government will not.

Average fuel prices across the board have risen by 8.5p - more than supermarket prices, although prices have not risen day in, day out like those of supermarket fuel. Petrol price in Delhi today is Rs 78.43 a litre while it is being sold at the rate of Rs 86.24 a litre in Mumbai. "That process is underway", he had said.

If this was the case, diesel prices could further reduce by Rs 3.75 a litre and petrol prices by Rs 5.75 per litre, it said. 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.

Last week, BJP President Amit Shah had said that a plan is being worked upon to check petrol prices in the country. States charge value added tax that varies from state to state.

A litre of petrol now costs 141c on average - a rise of more than three cents when compared with last month's figure of 137.6c. Central government puts additional tax of Rs 10 on every litre of petrol.

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