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

29 May, 2018, 09:21 | Author: Billie Castillo
  • Supermarkets raise fuel prices every day since the end of March

The petrol price in the country's financial capital breached the Rs 86-a-litre mark on Monday as fuel prices across the country increased for the 15th day in a row after the resumption of the dynamic pricing system on 14 May.

A possible drop in Venezuela's crude output after a disputed presidential election, potential USA sanctions on the country as well as US' tough stance on Iran are the key price drivers.

Petrol in Delhi costs Rs 78.27 a litre and diesel is priced at Rs 69.17. In Bengaluru, one litre of petrol costs Rs 79.71.

Petrol was sold at Rs 86.08 per litre in Mumbai, against Rs 85.93 on Sunday, data from the Indian Oil Corp's website showed.

The revisions continued till just before the general elections in 2004 when oil companies went slow and after a Congress-led UPA came to power the entire process was reviewed as the global oil prices started moving up. Diesel in Kolkata and Chennai is being sold at Rs 71.86/litre and Rs 73.18/litre respectively. The present oil price hike is due to three main factors.

Holiday weekend to bring near record travel
Many travelers will be feeling pain at the pump as gas prices are the highest they've been in four years. AAA says travel is up five percent from previous years and the majority of people choose to drive.

Petroleum Minister Dharmendra Pradhan had earlier said that the government will intervene to reduce prices.

Following the Karnataka polls and the 19-day fuel price freeze from April 24, oil marketing companies opted for a price rise for petrol and diesel.

Union Minister Nitin Gadkari had said that subsidising petrol and diesel to bring down their retail prices will take money away from government's social welfare schemes.

"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". Today it is Rs 16.64 on petrol and Rs 10.17 a litre on diesel.

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