Petrol prices rise for 13th straight day; nearly Rs 86 in Mumbai

Petrol prices rise for 13th straight day; nearly Rs 86 in Mumbai

Petrol prices rise for 13th straight day; nearly Rs 86 in Mumbai

"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".

Across all forecourts, the average was even higher with prices rising by almost 8.5p a litre.

Average UK forecourt prices are now at their highest since October 2014 at £1.26 per litre for unleaded and £1.30 for diesel, says RAC Fuel Watch, which blames a rise in the price of oil to more than 80 USA dollars plus a weakening of the pound. It is possible to cut up to Rs 25 per litre, but the government will not.

The government had in June last year junked a 15-year old practice of revising rates every fortnight and introduced daily revisions which worked well except periods immediately preceding an election.

"For a long-term solution, Government of India is planning for a holistic strategy. bringing petroleum products within the ambit of GST is one among them", he said. Petrol prices rose to Rs 80.91 a litre in Kolkata, Rs 86.08 in Mumbai and Rs 81.26 in Chennai, according to the Indian Oil Corporation.

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. "That process is underway", he had said.

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Therefore, from May 14 till today, diesel prices have risen by Rs 3.38 per litre each in New Delhi and Rs 3.23 per litre in Kolkata.

Whether deliberate or not, oil marketing companies had suspended the dynamic fuel pricing system at the start of the month, only to resume it two days after the Karnataka election concluded on May 12. Rates at refinery gate were revised on fortnightly basis but not all of the desired hike was passed on to the consumers and that increase not passed on converted into a subsidy. On Sunday, it was sold at Rs 80.76 a litre.

Last week, BJP President Amit Shah had said that a plan is being worked upon to check petrol prices in the country.

In Delhi, VAT on petrol was Rs 15.84 a litre, and Rs 9.68 on diesel in April.

On the other hand, if the Centre cuts the excise by Re 1, the loss of revenue will be to the tune of Rs 10,725 crore for every Re 1 cut in central excise and the amount will become twice if it cuts the excise duty by Rs 2.

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