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

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

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

He also argued that several reasons were responsible for the hike in prices of petrol and diesel, including the political conditions in oil producing countries and the global market. This city would be third to clock over Rs 72 per litre rate after Mumbai and Chennai respectively.

Fuel prices in the country continue to touch yet another peak for the 16th consecutive day, as petrol is being sold at ₹ 78.43 per litre in Delhi while Mumbai retails it at ₹ 86.24 per litre. Petrol price has been hiked by Rs 3.49 per litre since May 14 and diesel by Rs 3.13 a litre.

Meanwhile, the Indraprastha Gas Limited (IGL) on Monday announced an increase in the prices of Compressed Natural Gas (CNG) in Delhi and nearby areas, comprising Noida, Greater Noida and Ghaziabad as a result of the recent appreciation of dollar and revision in proportions of domestic gas allocation. Former Finance Minister P Chidambaram recently claimed that it was possible for the government to cut up to Rs 25 per litre in petrol prices.

Among states, diesel in Bangalore cost Rs 70.25 a litre.

"For a long-term solution, Government of India is planning for a holistic strategy. bringing petroleum products within the ambit of GST is one among them", he said. Addressing the furore over fuel price hike, Shah had said that the government officials were taking the issue of fuel price hike seriously. Fuel prices differ from state to state according to the incidence of local sales tax or VAT.

The price rose to Rs 77.97 in Delhi from Rs 77.83 a litre on Friday, data from the Indian Oil Corp website showed.

Further, in Kolkata, petrol price, now inching towards a four year high, was sold at Rs 80.61, against 80.47 per litre on Friday.

On the other hand, if the Centre cuts the excise by Re 1, the loss of revenue will be to the tune of Rs 10,725 crore for every Re 1 cut in central excise and the amount will become twice if it cuts the excise duty by Rs 2.

Across all forecourts, the average was even higher with prices rising by almost 8.5p a litre.

These fuel prices put the United Kingdom 10th among European Union member states for the price of fuel.

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