Government absorbs September fuel price hike

04 September, 2018, 17:24 | Author: Kathy Ellis
  • Petrol prices

The price of petrol increased to a new all-time high of Rs 86.72 per litre in Mumbai on Tuesday, increasing 16 paise from the day before. The prices of fuel differs across states depending on the tax levies and cess. In Kolkata, petrol was retailed at Rs 82.22 per litre and diesel at Rs 74.19 per litre.

According to a price notification of state-owned fuel retailers, petrol price was Tuesday hiked by 16 paise per litre and diesel by 19 paise.

After the hike on Tuesday, the total increase in petrol prices is around Rs 2.50 per litre, while for diesel it has crossed Rs 3 per litre in the last one month.

Fuel rates have been on fire since the middle of August, rising nearly every day due to a combination of a drop in the value of the rupee and rise in crude oil rates.

Diesel rates had hit Rs 69.31 a litre on May 28, but this record was breached on August 27 and on Monday they hit a fresh high.

Syrian FM says regime will try to avoid civilian deaths in Idlib
De Mistura asked if it's necessary to create a "worst-case scenario" just to secure Syrian government access to the roads. The United Nations has called on Russia, Iran and Turkey to delay a battle that could affect millions of civilians.

The department of energy said it stepped in after South Africans had witnessed "sustained increases in fuel prices for the past few months, which placed a strain on the consumers". Addressing a press conference, the Andhra Pradesh chief minister said that in addition to petrol prices, the rupee value would also touch Rs 100 against one USA dollar.

Taking a dig at the Narendra Modi-led government, Andhra Pradesh Chief Minister Chandrababu Naidu today said that the petrol would be soon sold at Rs 100 per litre. "I would like to mention two points, and both these subjects are external".

"Rupee is falling because of the trade war and rising oil prices". "Apart from that, crises in countries like Venezuela and Iran are increasing. Secondly, global currencies have weakened against the USA dollar", he had said.

"The government can not disturb fiscal maths by cutting excise duty", he said. This came at a time when India's crude oil imports from Iran had increased by 52 percent in June 2018.

Also driven by higher oil prices and robust non-oil import demand, Moody's expects the current account deficit to widen to 2.5 per cent of GDP in the fiscal year ending March 2019, from 1.5 per cent in fiscal 2018.

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