Economy

EPRA lowers diesel, kerosene prices but hikes petrol by Sh5.77

EPRA lowers diesel, kerosene prices but hikes petrol by Sh5.77”

In Mumbai, Chennai and Kolkata, petrol was priced at Rs 82.70, Rs 79.53 and Rs 77.64, higher from Rs 82.10, Rs 78.99 and Rs 77.05 per litre respectively. After the surge in prices, petrol price in Delhi is now at Rs 76.26 per litre and diesel price is at Rs 74.26 a litre, according to IOCL.

The increase in prices varies across metros, depending on the tax structure on products in various states. The move, which could see Kenyans suffer as oil marketers make a pretty penny starting midnight, is on the back of a recent request by industry players to the Petroleum Ministry to allow them to retain higher pump prices to get rid of old stock. In India, the current spike in auto fuel rates can be attributed to the excise duty hike of ₹10 per litre on petrol and ₹13 per litre on diesel last month.

Besides, several state governments had also hiked Value-Added Tax or cess on fuel but its impact was immediately passed on to customers.

"The government earned as much as ₹44,000 crore in the last six days due to hike in petrol, diesel prices".

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In the national capital, the retail price of petrol increased by 59 paise and diesel by 58 paise per litre to Rs 75.16 and Rs 73.39 per litre respectively.

"If the government had even the slightest feelings for the common man, instead of benefiting the companies and the government, the Prime Minister would have helped the common man with reduced fuel prices", Mr Sibal said. And this was done in contrast to the global crude oil prices that have reported to be at their multiyear lows. Initially, the oil companies such as Hindustan Petroleum Corp Ltd (HPCL), Bharat Petroleum Corp Ltd (BPCL) and Indian Oil Corp (IOC) had absorbed the hike, however, from June 7 onward the fuel prices were hiked on a daily basis. Brent crude futures - the global benchmark for crude oil - was seen trading down 1.7 per cent at $38.07 per barrel.

Addressing an online press conference, former Union Law Minister Kapil Sibal said that while worldwide crude oil prices were at the lowest level in 15 years, retail prices of petrol and diesel were going up and the common people were suffering under the Narendra Modi government.

They, however, promptly passed the increase in local sales tax or VAT by state governments such as Rs 1.67 increase in VAT on petrol and Rs 7.10 in diesel by the Delhi government on May 4.



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