Published: Mon, May 28, 2018
Markets | By Josh Butler

Petrol prices rise for 13th straight day; nearly Rs 78 in Delhi

Petrol prices rise for 13th straight day; nearly Rs 78 in Delhi

Hence the responsibility of reducing taxes can not be that of the Centre alone, Pradhan added. Petrol price was at Rs 78.27, fast approaching the Rs 80 mark, with no relief in the form of reduced taxes from the central and the state government. In a recent tweet to Modi, Congress President Rahul Gandhi even warned him to look into the fuel price matter or there will be a nationwide agitation which will force him to reduce the prices. With this news coming in, the crude oil prices have dropped by just over $1 per barrel already but it will take at least a fortnight more before the drop in prices is substantial enough to affect the retail prices in India. Where Brent crude has reversed gains and is now trading near $74 per barrel from their four-year highs of $80 per barrel, the state-owned OMCs have continued to hike petrol prices to record level for 15th consecutive day. Diesel, to a large extent, drives the Indian economy and surging prices are now burning holes in pockets.

The rise of petrol price in India were despite US oil futures hit six-week lows on expectations major producers may ease output curbs on Monday, while Asian stocks and USA share futures gained on signs the United States and North Korea were still working towards holding a summit.

Super 95 petrol price will be revised upward 14 fils to Dh2.51 per litre from Dh2.37 per litre last month.

Fuel prices on Monday touched a new high with petrol at Rs 78.27 and diesel at Rs 69.17 in Delhi. Taxes on the product work out to 86 per cent of the cost. The petrol price was seen at Rs 74.80 per litre, the highest since September 2013, and diesel was seen at Rs 66.14 per litre. Taxes on the product work out to 59 percent of the cost.

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Indications are that the windfall tax may continue for a substantial period of time or could be part of the government's long-term policy to deal with such situations in the future. 2017-18's data is available up to December 2017 only, and hence is not comparable with the preceding year. During the day, it tanked 11.44 per cent to Rs 155.45.

Despite the decline in worldwide crude oil prices, fuel prices continue to soar in India. Global oil prices are near $80/barrel, extending their rally on the likely return of sanctions on Iran, India's third largest supplier. In other words, it pocketed the gains of low crude prices while transferring the pain of high crude prices to the consumers.

"Unfortunately, the higher oil price has come at a time when the pound has weakened considerably against the dollar".

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