Yashwant Sinha Slams Government For Hike In Prices Of Petrol, Diesel

04 September, 2018, 17:27 | Author: Sally Reid
  • Fuel prices clock record high Petrol at Rs 86.25 in Mumbai highest for any metro

The prices of fuel differs across states depending on the tax levies and cess.

A litre of petrol in Mumbai costs Rs?86.56 on Monday.

The government's decision to stop a full petrol price hike from taking place this month may come back to haunt consumers.

In a surprise announcement from minister of energy Jeff Radebe on Monday afternoon, fuel prices will remain unchanged for September, except for a 4.9 cents per litre increase in the retail margin of petrol to cater for the annual salary increase for forecourt attendants, cashiers and other admin staff. Apart from crude oil prices in the global market and the weakening rupee, one of the factors affecting fuel prices is the high value added tax (VAT) in the state of Maharashtra. 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.

Fuel prices will be rising once more this morning, with the price of diesel suffering its biggest increase since May. 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.

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The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining United States dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies. In Mumbai, a litre of diesel cost Rs. 75.54 per litre. "I would like to mention two points, and both these subjects are external".

With expectations of further tightening in oil prices due to a mix of factors such as declining inventories in the USA, and Iran sanctions coming into place, the trend of rising petroleum prices is likely to continue.

Delhi chief minister Arvind Kejriwal on Monday said the government had made a "mess" of the economy.

Since August 16, petrol prices have risen by over Rs 2 per litre.

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