Cheap petrol: Not a chance! Supermarkets raise fuel prices every day

Cheap petrol: Not a chance! Supermarkets raise fuel prices every day

Cheap petrol: Not a chance! Supermarkets raise fuel prices every day

In Delhi-NCR petrol is being sold at Rs 79.19/litre, Rs 78.95/litre, Rs 78.87/litre and Rs 78.75/litre in Faridabad, Gurgaon, Noida and Ghaziabad respectively. In line with petrol, diesel prices also increased - to Rs 69.17 per litre in Delhi and Rs 73.64 per litre in Mumbai.

State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) were in April 2002 given freedom to revise rates of petrol and diesel on 1st and 16th of every month based on average rate of benchmark global petroleum product prices and rupee-US dollar rates in the preceding fortnight. Brent crude is now priced around $76 per barrel.

Breaching the previous high of Rs 76.06 per litre touched in New Delhi on September 14, 2013, petrol has touched an all-time-high with this increase.

"For a long-term solution, Government of India is planning for a holistic strategy. bringing petroleum products within the ambit of GST is one among them", he said.

In Delhi, VAT on petrol was Rs 15.84 a litre, and Rs 9.68 on diesel in April. Petroleum Minister Dharmendra Pradhan had also said that the government will intervene to reduce prices.

The higher prices mean the average driver is now shelling out €100 more for petrol this year than they did over the course of last year. The petrol price was seen at Rs 74.80 per litre, the highest since September 2013, and diesel was seen at Rs 66.14 per litre. Addressing the furore over fuel price hike, Shah had said that the government officials were taking the issue of fuel price hike seriously.

Compared to petrol, the state-owned Oil Companies made a decision to increase diesel prices at a much lower rate on Tuesday.

"However, if this was to happen, the state will have to forego Rs 34,627 crore of tax revenue / 0.2% of consolidated fiscal deficit of states", said Ecowrap.

After moving to daily revision of fuel prices in June last year, the government had cut basic excise duty on petrol and diesel by Rs 2 per litre in October last year.

It comes as prices at the pumps have already surged to a three-year high. The opposition parties and people have been demanding a cut in Centre and state tax on fuels.

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