Budget 2018: Petrol price hiked; Diesel price unchanged in metropolitan cities

Pakistan       by Muhammad Irfan | Published

Pakistan by Muhammad Irfan | Published

The cut in duty has been offset by an additional levy of Rs 8 per litre under Levy of Road and Infrastructure Cess on petrol as well as diesel, according to Memorandum Explaining the Provisions of the Financial Bill, 2018, part of the budget document. And also the diesel price has remained unchanged in Mumbai which is Rs 68.27 per litre.

With crude oil price inching towards $70 a barrel, Oil Ministry had earlier sought the intervention of the finance ministry to cut down the excise duty on petrol and diesel in the budget.

The introduction of Road and Infrastructure Cess has been made to partly finance the expenditure of Ministry of Road Transport and Highways.

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"Not going to go back to a regulated price era".

Instead, governed by the dynamic daily pricing system, petrol prices reached landmark levels on Thursday in key metros Kolkata, Mumbai and Chennai at Rs 75.74, Rs 80.91, and Rs 75.77 per litre respectively. Petrol price in Delhi was at 73.05 per litre while diesel price was at Rs 64.11 per litre on Thursday.

In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months which helped the government's excise mop-up to more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

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The cost of both diesel and petrol is now at its highest since late 2014, new data from RAC Fuel Watch shows. Today, price of petrol went up by 15 paisa per liter and that of diesel by 19 paisa. The fuel price has a direct impact on the selling price of nearly every commodity in the market as high cost of fuel means that even the transportation cost would rise.

When reduction in excise duty was announced, Moody's Investors Service stated it would be positive for consumers and would stir up demand for fuel products - which in turn result in higher earnings for oil marketing companies. To remind you, a group of oil producers including OPEC and Russian Federation, the world's biggest crude producer, started to withhold production in January previous year to prop up prices.

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