Oil ministry gives in-principle nod to launch petrol, diesel futures: ICEX

29 May, 2018, 18:47 | Author: Corey Lynch
  • Fuel price hike LIVE Petrol costs Rs 77.97 in Delhi Rs 85.78 in Mumbai today

Fuel prices on Monday touched a new high with petrol at Rs 78.27 and diesel at Rs 69.17 in Delhi.

"Given that these revenue if foregone will not impact states fiscal position, we estimate that on an average, states can cut petrol prices by Rs 2.65/litre and diesel by Rs 2/litre, if the entire revenue gain was to be neutralised". Petrol and diesel prices have been on a tear over the last couple of weeks, and continue to climb even as global prices have begun to ease. 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. This city would be third to clock over Rs 72 per litre rate after Mumbai and Chennai respectively.

Average fuel prices across the board have risen by 8.5p - more than supermarket prices, although prices have not risen day in, day out like those of supermarket fuel.

The surge in retail prices, due to rises in the cost of crude, have prompted top producers Saudi Arabia and Russian Federation to consider boosting their output in the second half of the year. Whereas, Mumbai and Chennai saw the most hikes - by as much as Rs 3.59 per litre and Rs 3.62 per litre respectively.

Petrol and diesel prices continued their upward movement on Monday.

Critics of the government say fuel prices were kept in check to woo voters in the southern Indian state.

As the Centre has come under fire over fuel price hike, Union Petroleum and Natural Gas Minister Dharmendra Pradhan earlier assured the public that the government will soon take out a solution to tackle the situation. "This is the most plausible scenario under the current circumstances", the report said. Fuel prices differ from state to state according to the incidence of local sales tax or VAT.

"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.

The prices are at an all-time high.

Fuel prices continue to touch another peak for the 16th consecutive day, with petrol being sold at Rs 78.43 per litre in Delhi and Rs 86.24 per litre in Mumbai.



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