Motorists suffer ‘most frustrating weekly rise’ in petrol prices

Cornelia Mascio
Ottobre 16, 2018

This is according to the Automobile Association (AA) of South Africa which has warned of further exorbitant petrol price increases that are due to overburden an already embattled local economy.

Although the rand has slightly strengthen against the USA dollar and contributed to easing the fuel price increases, the Central Energy Fund attributed the rise to worldwide oil prices and present tensions of the world's biggest oil producers, Saudi Arabia. The rising cost of petrol and diesel are also burning holes in the pocket of common people of Mumbai, as the price of petrol is inching closer to the Rs 90 per litre mark. Diesel prices rose by over 20 paise per litre and petrol went up by 11 paise per litre.

After the Centre cut excise duty by Rs 1.50 and asked the PSU oil firms to subsidise fuel by ₹1, Maharashtra and Gujarat were among the first to announce a matching ₹2.50 cut. In Delhi, a litre of petrol costs Rs 82.83, in Mumbai Rs 88.29, Chennai Rs 86.10 and Kolkata Rs 84.65. Earlier this month the price of unleaded 93 petrol increased by 99c‚ unleaded 95 by R1 and diesel by R1.24. Amid a continuous rise in petrol and diesel prices, Prime Minister Narendra Modi is scheduled to meet chiefs of oil companies on Monday to take stock of the global energy scenario.

They were later joined by Chhattisgarh, Jharkhand, Tripura, Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Haryana Assam, Uttarakhand, Goa, Arunachal Pradesh and Bihar with similar moves.

Maharashtra, however, reduced Value-Added Tax only on petrol and not on diesel.

The reduction in excise duty, only the second in four years of BJP-led NDA rule, will dent central government's revenues by Rs 10,500 crore and was aimed at cooling retail prices that had shot up to an all-time high. Several states followed suit and announced an additional cut of Rs 2.50 per litre.

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