Petrol prices rise over Rs 3 per litre in 12 days

Hike in fuel prices

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Pakistan's is Rs 50.67 a litre for petrol and Rs 57.06 a litre for diesel.

Monday is the fifteenth straight day of hikes since the Karnataka elections. In the run-up to state elections in the southern state, the oil companies had stopped revising the petroleum prices for over a fortnight.

He said there were several reasons contributing to petrol and diesel price rise including the uncertain political conditions in oil exploring countries and the worldwide market. There is now a growing public clamour for a reduction in taxes, but neither New Delhi nor the States have committed to such a step.

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On January 21 of 2018, he said: We are trying that petrol, diesel and kerosene should also come under the ambit of GST. Diesel prices, which have already hit all-time highs, also rose around Rs 3 a litre during the period.

Excise duty on petrol and diesel is a major source of revenue for the government. BJP president Amit Shah had last week said that a solution to rein in sharp rise in petrol and diesel prices would be found soon. In such a scenario, the government needs to put all of its hands on the desks to tackle the situation in case the global crude oil prices continue their northward journey. On May 25, it retailed at Rs 77.83 in the city.

More than 8p per litre was added to average pump prices between March 26 and May 23 by the big four chains. It is learnt that Indians living on the borders of the above two countries draw their requirement of petrol and diesel from across the borders at nearly half the rates.

Crude prices down on reports of possible increase in OPEC production
Domestic production edged up to 10.725 million barrels per day from 10.723 million bpd in the prior week, EIA said. Swiss investment bank UBS reportedly warns there could be an oil price spike to $100 that triggers a US recession.

Criticising the government for the spiralling fuel prices, the Congress has demanded that petro products be brought under the Goods and Services Tax. He suggested that even if fuels are brought under new taxation system, the states can still impose taxes to compensate their loss. They are far faster at passing on rises than falls.

The tax, which may come in form of a cess, will kick in the moment oil prices cross United States dollars 70 per barrel, sources privy to the development said.

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He added that Cyclone Mekunu has slowed down and that it is no longer categorized as a hurricane but an orbital storm. The Port of Salalah, a key gateway for the country, is also closed with its cranes secured against the pounding rain.

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