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

Mae Love
May 29, 2018

Petrol prices were hiked by 15 paise per litre and diesel by 16 paise a litre. Retail prices were frozen between April 24 and May 13, when campaigning was on for the Karnataka Assembly elections.

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".

A persistent complaint against the Modi government has been that consumers have not received the full benefits of falling crude prices in the past, but have to shell out more when crude prices rise. Earlier, it was reported that the government may levy a windfall tax on oil producers like ONGC as part of a permanent solution to rising petrol and diesel prices.

The contracts are expected to help hedge against volatility in oil prices.

The revisions continued till just before the general elections in 2004 when oil companies went slow and after a Congress-led UPA came to power the entire process was reviewed as the worldwide oil prices started moving up. Addressing the furore over fuel price hike, Shah had said that the government officials were taking the issue of fuel price hike seriously. This meant that the government had to follow suit at some point and hike domestic prices.

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But today the NDA government is putting the blame exclusively on the rise of crude oil prices by the oil producing countries. Critics argue that as oil minister, he should at least have a bigger say - and an even bigger intent on providing relief.

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This sent the cost of Brent crude oil down slightly yesterday. It had previously settled at $75.30, which was its lowest since May 8.

Fuel price hike: The cost of diesel has also been increased to Rs 69.31 per litre in Delhi and Rs 73.79 a litre in Mumbai. Now, three top metro cities are charging you over Rs 71 per litre, as in Mumbai and Chennai the rates are higher than Rs 73 per litre, while Kolkata is just marginally away from joining the club of Rs 72 per litre. Petrol price has been hiked by Rs 3.49 per litre since May 14 and diesel by Rs 3.13 a litre.

"The Petroleum and Natural Gas Ministry has given an in-principle nod to launch petrol and diesel futures contracts and we are hoping that Sebi will give final approval in this regard soon", ICEX Managing Director and Chief Executive Officer Sanjit Prasad told PTI.

"Oil prices are up, the dollar is up, usage is up, so prices are up", Mr Faughnan said.

"Moreover, the government has been pretty clear on pricing and is unlikely to reduce excise, which is one factor why oil marketing companies could continue to underperform", he said. "This could reflect strong growth which is supportive for crude demand, but also would involve tighter Fed monetary policy and a strong USA dollar". "We are sensitive let's see how things are unfolding".

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