Surging petrol prices may ease as crude cost declines

Share

Contrast this with oil price situation now, it becomes ample clear that NDA government is focusing more on preventing its revenue sources by keeping excise duty on petrol and diesel high than offering consumers lower fuel prices.

In Mumbai and Chennai, petrol was sold at Rs 85.78 and Rs 80.95 a litre, respectively, up from Rs 85.65 and Rs 80.80 per litre on Friday.

The price of diesel has also been revised upward to Dh2.71 per litre from Dh2.56 per litre the previous month, which shows a rise of 15 fils.

At one level, consumers of petrol, diesel and other petroleum products might find it hard to swallow that when the global prices of crude oil were down sharply, there was no commensurate reduction in the retail prices.

Amid the rise in fuel prices, crude oil futures fell 2.73 per cent to Rs 4,485 per barrel on Monday, in line with the weak trend overseas as the market eyed an increase in output from top crude producers - Russia, the U.S., and Saudi Arabia.

From plunging to $26 in February 2016 before climbing back to around $78 per barrel on Tuesday, oil prices have defined volatility.

Pompeo 'very hopeful' North Korea talks will still take place
Libya's longtime autocratic leader Moammar Gadhafi was killed several years later after a Western-backed military intervention. North Korea has insisted it won't give up its nuclear weapons program without major concessions from the U.S.

Overall average prices for the United Kingdom have increased even more over the same period as a result, rising nearly 8.5ppl, although they have not increased every day.

RAC fuel spokesman Simon Williams said: "Supermarkets are highly influential in the price charged at pumps across the United Kingdom. they sell 45 per cent of all fuel sold". It may be noted that petrol, diesel prices were hiked for the 15th straight day on Monday.

During the UPA government, with a little rise in petroleum prices the opposition parties raised a hue and cry.

"Reduction in central excise and Value-Added Tax is the only way for the Centre and the States to bring down the fuel price", he argued. The entire nation has been feeling the pinch but with the fuel prices no longer being regulated by the central government and the crude oil prices going up, the oil companies have their hands tied. "The government will have to find a solution to this crisis", said RS Sharma, former chairman of ONGC. Addressing the furore over fuel price hike, Shah had said that the government officials were taking the issue of fuel price hike seriously.

The Union Minister said the Centre had cut excise duty on fuel by Rs 2 in October a year ago.

Share