Published: Sat, April 21, 2018
Economy | By Shawn Conner

Diesel Price Hits Fresh All-Time High, Petrol Costliest Since September 2013

Diesel Price Hits Fresh All-Time High, Petrol Costliest Since September 2013

The oil prices are expected to increase by Rs 5 for the next month as a result of the swelling crude oil prices in the global market. With increase of 15 paise, the rates of diesel for Saturday touched Rs 68.99 per litre.

State-owned oil firms, which have been since June a year ago revising auto fuel prices daily, today raised petrol and diesel rates by 18 paise per litre each in Delhi, according to a price notification. In September 2013 the price had touched Rs 74.10 a litre. The lowest price was Rs 79.50 on March 1, 2018. "For the last four years, the BJP government has lived off an oil bonanza".

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He also criticised the government for refusing to bring petro products under GST.

Petrol prices in the city are fast heading towards Rs 80 per litre. Having fallen to below $64 per barrel in early March, crude oil prices have rebounded and are now floating between $70 and $72 per barrel. This has put a pressure on import cost of crude oil in India. "Instead it should start coming down", Sanjiv Bhasin, executive vice president, markets at IILF told The Hindu. In April, the prices of petrol have risen by 49 paise, while from January to April 21, its prices have jumped by Rs 4.93 per litre.

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"Petrol and diesel is deregulated commodity and the prices are market driven".

"Motorists would have been hoping that the dip in pump prices that we saw last month was the beginning of a new trend, but unfortunately it appears that that was the exception and not the rule".

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Global crude prices moderated slightly on Friday, however, after Trump tweeted that prices were "artificially high" due to Organisation of the Petroleum Exporting Countries (OPEC) meddling and that this "will not be accepted". Accordingly, the government cut basic duty of Rs 2 per litre on fuels and abolished additional excise duty of Rs 6 per litre; however it nullified that cut by levying road and infrastructure cess of Rs 8 per litre. Similarly, diesel price of ₹ 65.31 per litre in Delhi has excise duty of ₹ 15.33 and Value-Added Tax of ₹ 9.62, accounting for 38 per cent of the costs.

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