Petrol, diesel prices hiked for 16th straight day

Devin Lawrence
May 29, 2018

This city would be third to clock over Rs 72 per litre rate after Mumbai and Chennai respectively.

Along with Delhi, prices in Mumbai and Chennai have already reached record levels.

Therefore, from May 14 till today, diesel prices have risen by Rs 3.38 per litre each in New Delhi and Rs 3.23 per litre in Kolkata.

In April, Pradhan had said the Centre and the state governments have been considering bringing the petroleum products under the ambit of Goods and Services Tax. Former Finance Minister P Chidambaram recently claimed that it was possible for the government to cut up to Rs 25 per litre in petrol prices.

It also said that one suggestion to further rationalise the petrol and diesel prices is to consider a pricing mechanism where VAT is imposed on base price only by states and not on prices inclusive of the Centre's tax. Monday's increase in petrol and diesel prices marked a fifteen straight day of hikes, which followed a 19-day hiatus ahead of Karnataka elections. Oil Minister Dharmendra Pradhan had said the previous day that the government was looking at both short-term and long-term solutions to soaring fuel prices.

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The UPA government finally freed petrol price in June 2010 and the diesel rates were decontrolled by the current BJP government in November 2014. The recent rise in crude oil cost and the high excise duty levied on the particular fuel type is the reason behind the rise in petrol prices in the country. Addressing the furore over fuel price hike, Shah had said that the government officials were taking the issue of fuel price hike seriously.

"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.

RAC fuel spokesman Simon Williams said: "This is the worst series of consecutive daily supermarket price rises we have seen since we began monitoring this three and a half years ago".

While petrol prices were hiked by 15 paise per litre in Delhi, Kolkata, Mumbai and Chennai, diesel prices were raised by 11-12 paise per litre. "The Centre is working out a plan to control the increase in fuel prices", he added.

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