Government absorbs September fuel price hike

04 September, 2018, 17:25 | Author: Teresa Adams
  • Petrol price,diesel price,petrol price today

A litre of petrol in Mumbai costs Rs 86.56 on Monday. At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37, down 16 paise. This came at a time when India's crude oil imports from Iran had increased by 52 percent in June 2018. A litre of petrol costs maximum in Mumbai where it is available at Rs 86.56.

The Congress party continued to attack the Central government demanding that petrol and diesel be brought under Goods and Services Tax (GST) immediately after the fuel prices saw a rise for the tenth consecutive day.

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"As for the Rupee, it has depreciated by about 11 per cent against the USA dollar since the beginning of this calendar year owing to its sensitivity to crude oil prices and significant outflows of foreign investment".

Fuel rates have been on fire since the middle of August, rising nearly every day due to a combination of a drop in the value of the rupee and rise in crude oil rates. Petrol fares went up by 16 paise per litre and diesel 19 paise per litre, according to price notification of state-owned fuel retailers. While Mumbai has the highest VAT (Value Added Tax) of 39.12 per cent on petrol. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

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The price of diesel, paraffin and LP gas will remain unchanged. In October 2017, the excise duty on petrol was reduced by Rs 2 per litre, the first such reduction by the current BJP government.

Meanwhile, Dharmendra Pradhan last week blamed the "isolated" policies of the USA for the "abnormally" rising fuel prices in the global markets. "Knowing that we can't disturb the fiscal deficit, we should rather be fiscally prudent", the official in the finance ministry said.

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In the national capital, petrol was sold at Rs. 79.15 per litre, up from Rs. 78.84 on Sunday. He blamed the Narendra Modi-government for the rise. They are going to hit a century.

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