Friday, 16 November, 2018

Petrol price hits a record high in Mumbai

Since 16 August petrol prices have risen by over ₹ 2 per litre. Diesel prices have risen by ₹ 2.42 a litre during this period Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai
Jodi Jackson | 04 September, 2018, 17:27

A litre of petrol in Mumbai costs Rs?86.56 on Monday. Nearly half of the retail selling price of the two fuel is made up of central and state taxes.

Officials have suggested that the increase in petrol and diesel prices is down to mainly the falling exchange rate of rupee against the dollar. To reporters on the sidelines of a conclave organised in Surat, Pradhan said on Sunday that the factors responsible for drop in production of crude oil have caused a spike in fuel prices in India. Petrol prices in Kolkata and Chennai are Rs 82.22 per litre and Rs 82.41 per litre.

In Kolkata and Chennai petrol touched Rs 82.06 and Rs 82.24 per litre while diesel increased to Rs 74 per litre and Rs 75.19, respectively. This had also led to several transport unions holding agitations in July and demanding the government to bring petrol and diesel under the ambit of GST.

Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT. "Secondly, global currencies have weakened against the United States dollar", he said.

The Central Excise Duty is levied by the central government. But the experts believe that the current price surge is different from before.

The revised rates are effective from 6 am on September 3, 2018.

The price of diesel, paraffin and LP gas will remain unchanged. There is a pressure on oil prices due to a decrease in production. Mumbai has the highest Value-Added Tax of 39.12% on petrol, while Telangana levies the highest Value-Added Tax of 26% on diesel. "We can not reduce defence expenditure or interest payments if we decide to cut excise of petrol and diesel", the official explained.

Diesel rates had hit Rs 69.31 a litre on May 28, but this record was breached on August 27 and on Monday they hit a fresh high. Like petrol, the duty was reduced by Rs 2 per litre in October 2017 to Rs 15.33 per litre. Petrol fares went up by 16 paise per litre and diesel 19 paise per litre, according to price notification of state-owned fuel retailers.

On Tuesday, the rupee closed to a record low of Rs 71.58 per dollar. Also, crude oil has gained $7 a barrel in a fortnight, driven by fears that the USA sanctions on Iran will likely contract supplies.

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