Economy

Fresh hike in fuel prices

Fresh hike in fuel prices”

The following cut in fuel prices come even after the petrol and diesel prices were increased in several parts of the country.

On Tuesday, West Bengal chief minister Mamata Banerjee announced a cut in state tax for petrol and diesel, bringing down their prices by Re 1.

"Today, this coalition government has chose to reduce both petrol and diesel prices by Rs 2 per litre", Kumaraswamy, who heads a JD (S)-Congress government announced in Kalaburgi. The price of fuel is reportedly highest in Mumbai at 89.44 rupees per litre of petrol and 78.33 rupees per litre of diesel. A weak rupee against the dollar makes the import of crude oil expensive.

The price of Brent crude oil is now over $78 per barrel.

On 10 September, Andhra Pradesh chief minister N Chandrababu Naidu announced that both petrol and diesel prices will be reduced by Rs 2. As a result, the prices of both fuels has declined by Rs 2.5 per litre.

In Delhi, the petrol price crossed the Rs 82/litre-mark. According to petrol pump owners, fuel prices vary depending on the transportation cost from the petroleum refinery to the city.

In a relief to citizens, Karnataka Chief Minister HD Kumaraswamy on Monday announced a reduction in fuel prices in the state. The oil ministry had sought a reduction in excise duty on petrol and diesel to cushion the impact of rising global oil rates.

The state-owned oil firms had in mid-June last year dumped the 15-year practice of revising rates on the first and 16th of every month in favour of daily revisions.



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