Petrol, Diesel Prices Rise For 16th Day

Dwayne Harmon
May 29, 2018

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

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. Some are even suggesting to bring petrol and diesel under the GST, hoping that it would reduce taxes -which is now close to 50 per cent- by half.

Subsequently, the revenue collected will be used to pay retail majors like Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) to absorb the fuel price hike.

Surging continuously for the 16th consecutive day since dynamic pricing system was resumed on May 14, petrol price on Tuesday increased by 16 paise to Rs 78.43 per litre against Monday's Rs 78.27 per litre in New Delhi and to Rs 86.24 per litre against Monday's Rs 86.08 per litre in Mumbai.

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RAC fuel spokesman Simon Williams said: "Supermarkets are highly influential in the price charged at pumps across the United Kingdom. they sell 45 per cent of all fuel sold".

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. In Kolkata, while petrol price crossed Rs. 82 per litre for the first time ever, diesel price was only 14 paise away from Rs. 72 per litre.

Across all forecourts, the average was even higher with prices rising by almost 8.5p a litre. As the Centre has come under the fire over fuel price hike since the past three weeks, Union Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier assured the public that the government will soon take out a solution to tackle this situation. Addressing the furore over fuel price hike, Shah had said that the government officials were taking the issue of fuel price hike seriously. However, nothing has been done so far to reduce the burden on the common man. He said that the oil marketing companies operate on a thin margin and they can not do much if the global cost of oil rises. "We are sensitive let's see how things are unfolding". "As such, we believe the risk/reward for crude prices is now skewed to the downside".

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