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Fuel Price Rise For 10th Straight Day; Excise Duty Cut Likely Today


On Wednesday, for the 10th consecutive day, price of petrol and diesel as part of daily price revision and on the back of surging crude oil price which has now risen to levels above $80 per barrel, has recorded new highs. In Delhi, the price of petrol has inched higher to Rs.77.1 per litre whereas in Mumbai it nears Rs. 85.

Fuel Price Rise For 10th Straight Day; Excise Duty Cut Likely Today

As per the IOC website, the petrol prices were at Rs 77.17 a litre in Delhi, Rs 79.83 a litre in Kolkata, Rs 84.99 per litre in Mumbai and Rs 80.11 per litre in Chennai. The diesel prices were at Rs 68.34 a litre, Rs 70.89 a litre, Rs 72.76 a litre and Rs 72.14 a litre respectively in each of the metros.

Oil Minister Dharmendra Pradhan said, "I have loudly spoken about concerns (about high oil prices) and appropriate steps will be taken."

In view of the surging prices which have received heavy criticism from general public, as per leading news daily report, it is likely that the government will take a final call on excise duty cut on fuel prices in the range of Rs.2 to 4 per litre in consultation with oil PSUs today.

There is also a possibility that the PMO Office may ask the Oil PSU to stop price increase altogether for fuel prices till some alternative solution is worked out.

Also the issue to bring in fuel prices under the GST net is under discussion for long to curb higher price and the same time bring in more transparency but no concrete decision has yet not been notified by the ministry.

So, undoubtedly as higher fuel prices are pinching the pocket of commoners to a great deal it now is to be seen how soon the government solves the menace that works in the interest of public at large.

Story first published: Wednesday, May 23, 2018, 12:56 [IST]
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