Published: Mon, May 28, 2018
Money | By Armando Alvarado

Petrol prices rise over Rs 3 per litre in 12 days

Petrol prices rise over Rs 3 per litre in 12 days

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

Similar to petrol prices, diesel prices were the highest in Mumbai on Sunday, with every litre being sold at Rs 73.53, instead of yesterday's Rs 73.36.

The levy will, however, be confined to crude produced from domestic fields. He favoured inclusion of petrol and diesel in GST. "This causes pain at the pumps due to the fact that, similar to oil, fuel is traded in dollars so the lower the exchange rate, the worse the price gets for United Kingdom motorists".

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".

Reacting to widespread criticism on the spiralling rise in price of petrol, diesel and the failure of the Centre to reduce taxes, Pradhan iterated that they are working on a long term formula.

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".

Subtropical Storm Alberto heads toward Gulf of Mexico
Alberto is expected to come ashore late Sunday and early Monday along the Gulf Coast, with heavy rain being the primary threat. DeCarlo said Saturday night that the timing of the surge would have to be in sync with the high tide to reach the 4 feet.

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

The government continues to increase oil prices on both occasions when crude prices go up as well as go down, appropriating the amount of differences that accrue due to fall in crude prices. In December, 2017 crude price for Bent was $ 66.2 per Barrel which came down to $ 60 in 2018.

"When crude prices were falling from November 2014, the repeated increase of duty was a strategic error of the government".

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.

The ruling BJP-led NDA government could have a tough time convincing the electorate that it deserves a second term in 2019, if one measures electoral fortunes of political formations based on public perception built over rising fuel prices ahead of general elections.

The ruling Biju Janata Dal (BJD) has made a decision to stage demonstrations across Odisha for three days against the steep rise in fuel prices.

Like this: