Friday, 17 August, 2018

Fuel prices up 2 days in row after K'taka polls

Petrol prices in the UK increase GETTYFuel tanks in petrol and diesel cars will cost almost £10 more to fill
Jean Garcia | 16 May, 2018, 11:51

In some cities, diesel prices have touched a record high while that of petrol are at a 56-month peak. As per IOCL's website, the price of petrol was at Rs 77.79 in Kolkata; Rs 82.94 in Mumbai; Rs 77.93 in Chennai and Rs 76.31 in Bengaluru. Meanwhile, worldwide crude price settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that US sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.

Diesel price in India today: It's a insane world for Indian fuel prices, as the state-owned OMCs have continued to hike diesel prices to record highs for third consecutive day in various state capitals in India.

Oil prices for June delivery was trading lower by a similar margin at Rs 4,846 per barrel with a business volume of 266 lots.

Petrol and diesel prices across the country received a substantial hike, with the former set to cost Rs 75 per litre in the national capital with effect from 6:00 am on Wednesday.

The Congress leader P Chidambaram tweeted on Monday that the recent "interval" has coincided with Karnataka elections. The companies need to catch up on market prices as 19-day price freeze has created a wider gap.

GETTYFuel prices have hit their highest level since August 2016 claim
GETTYFuel prices have hit their highest level since August 2016 claim

In Calcutta, petrol will cost Rs 77.50, up from Rs 77.32, a litre and diesel Rs 66.68, compared with Rs 66.63 earlier. Refiners add insurance, a few other charges as well as excise duty, state Value Added Tax (VAT) and Dealers commission to worldwide fuel rate to determine the retail price.

The rise in global fuel prices is not the only reason for domestic retail prices touching record highs.

However, before the Karnataka polls, fuel prices remained unchanged for 19 days. Kuku Marwaha, President of Nagpur Truckers Unity, said that the transporters were bearing the brunt of high fuel prices.

According to the price build-up data for fuels provided by International Olympic Committee, 42 per cent of the total diesel price charged to consumers comprises taxes while the tax component stands at 52 per cent for petrol. More taxes on petrol and diesel, more burden on the consumer.

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