Brace for another fuel price hike

Marco Green
October 16, 2018

"Whenever there are elections, Prime Minister Narendra Modi starts expressing his concerns over rising prices of petrol and diesel". Petrol, too, in Mumbai is down from the peak Rs 91.34 a litre on October 4 to Rs 88.18 today.

Despite an excise cut on petrol and diesel earlier this month, fuel prices continued its upward march on Monday.

The pace of hike in petrol prices has, however, been slower.

On October 4, the Centre had announced a cut of Rs 2.50 per litre in diesel and petrol prices.

Petrol will jump to 40 cents more, setting the average price at R16.89 a litre for 93 and 95 petrol. Diesel and illuminating paraffin will rise by 70 cents and 65 cents respectively. He had also directed all state governments to slash rates. Petrol too in Mumbai is down from the peak of Rs 91.34 per litre on October 4 to Rs 88.18 on Monday. "But Delhi government refused to reduce Value-Added Tax on fuel both petrol and diesel resulting in fuel becoming more expensive than bordering Haryana and Uttar Pradesh". One litre of diesel cost Rs 77.31, up eight paise from Sunday. "Both will remain closed in protest from 6.00 am onwards on October 22 and remain closed till 5.00 am on October 23, 2018", the association said in a statement.

"We urge the big four supermarkets who are responsible for selling the largest quantities of fuel in the United Kingdom to cut their petrol prices now by at least 3p per litre to ease the burden on motorists and reflect the cost savings they are making". This was matched by several states which reduced local sales tax or VAT. Get the latest top stories, current affairs, sports, business, entertainment, politics, astrology, spirituality, and many more here only on ABP News. Its cutting-edge formats, state-of-the-art newsrooms commands the attention of 48 million Indians weekly.

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