Thursday, 21 June, 2018

No end in sight as fuel price surges for 13th day

Petrol pump price increase GETTYPrices of fuel at supermarket pumps have risen everyday claims new research
Elsie Buchanan | 29 May, 2018, 11:26

After a 19-day pre-Karnataka poll hiatus, oil marketing firms have been increasing petrol and diesel prices everyday since May 14.

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. Rs 86.24 (Mumbai) and Rs 81.43 (Chennai), according to the Indian Oil Corporation (prices at bunks of other fuel companies may vary by a few paise).

Petrol prices across the four metros have been increased by over Rs 3 per litre in the past 16 days, leading to a political slugfest.

This surge in fuel prices is largely attributed to the recent rise in crude oil prices and the high excise duty on the fuels in the country.

Petrol and diesel prices were hiked for straight 14th day on Sunday pushing prices of fuel to a new record high. Brent crude is now priced around $76 per barrel.

Fuel prices on Monday touched a new high with petrol at Rs 78.27 and diesel at Rs 69.17 in Delhi. Simply passing on higher prices to consumers will certainly hurt its prospects in the election next year.

Wheels Daniel Ricciardo victorious in Monaco F1 Grand Prix
Hamilton made an audacious move by pitting for new tires several laps before his rivals, but was anxious they would wear out by the end.


During his electoral campaign in 2014, Prime Minister Modi had attacked the Congress on rising fuel prices back then and said that under the BJP's rule, people would witness a steep decline in petrol and diesel prices, and the rupee-dollar exchange rate. In the run-up to state elections in the southern state, the oil companies had stopped revising the petroleum prices for over a fortnight. "The Centre is working out a plan to control the increase in fuel prices", he added.

It further said that states earn an additional revenue of Rs 2,675 crore over and above the budget estimates for every Dollars 1/barrel increase in oil prices.

On May 25, Road Transport and Highways Minister Nitin Gadkari had suggested that petrol and diesel should be brought under the Goods and Services Tax (GST) regime to curb the rise in price.

In Delhi, VAT on petrol was Rs 15.84 a litre, and Rs 9.68 on diesel in April.

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.

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