Economy

BJP "Extinguishing Savings Of Common People": Congress On CNG Price Hike

BJP

Petrol prices across the four metros have been increased by over Rs 3 per litre in the past 16 days, leading to a political slugfest. Petrol was hiked by 16 paise to Rs 86.24 per litre in Mumbai. Now CNG-PNG prices also hiked in Delhi!

In Delhi petrol now cost record Rs 78.12 a litre, Mumbai Rs 85.93 per litre, Chennai Rs 81.11 a litre and Kolkata Rs 80.76 per litre. Union Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier assured the public that the government will soon take out a solution to tackle the situation. Petroleum and Natural Gas Minister Dharmendra Pradhan on Monday cited the increase in the cost of crude oil in the global market and the rupee-dollar exchange rate as the primary reason for the recent hike in fuel prices.

The government said it is likely to levy a "windfall tax", in the form of a cess, on companies like Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) for any revenue that they earn from prices crossing $70 a barrel.

Last week, BJP President Amit Shah had said that a plan is being worked upon to check petrol prices in the country. "This is the most plausible scenario under the current circumstances", the SBI report said.

Domestic petrol prices increased for the 14th consecutive day on Sunday, with the key transportation fuel being sold at Rs 78.12 per litre in the national capital. Fuel prices differ from state to state according to the incidence of local sales tax or VAT.

Across all forecourts, the average was even higher with prices rising by almost 8.5p a litre.

If this was the case, diesel prices could further reduce by Rs 3.75 a litre and petrol prices by Rs 5.75 per litre, it said.



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