Petrol, Diesel Prices Rise For 16th Day

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Petrol prices go up every single day at store chains as more than 8p per litre is added to average pump prices in the past two months

States can cut petrol price by Rs 2.65 per litre and diesel by Rs 2 a litre if they decide to forego potential additional gains out of high crude oil rates, an SBI report said today.

Along with Delhi, prices in Mumbai and Chennai have already reached record levels.

In addition, price in Kolkata inched up to Rs 80.76, against 80.61 per litre on the previous day.

Compared to petrol, the state-owned Oil Companies made a decision to increase diesel prices at a much lower rate on Tuesday. It is being sold at Rs 79.71 in Bangalore, Rs 82.62 in Trivandrum, Rs 82.80 in Srinagar, Rs 80.10 in Jammu, Rs 78.58 in Shimla, Rs 83.89 in Patna, Rs 78.82 in Lucknow, Rs 81.22 in jaipur, 83.08 in Hyderabad, Rs 80.66 in Guwahati, 81.45 in Gangtok, Rs 75.43 in Chandigarh and Rs 84.06 in Bhopal. The revised prices came into effect at 6 am today. Apart from global oil prices, weakness in the rupee against the dollar pushes up domestic fuel prices as India meets more than 80 per cent of its fuel requirements through imports, determined by the dollar.

He said petrol retailers made just 4c on each litre they sold, with the rest going in taxes. Petroleum Minister Dharmendra Pradhan had also said that the government will intervene to reduce prices.

Critics of the government say fuel prices were kept in check to woo voters in the southern Indian state. Fuel prices differ from state to state according to the incidence of local sales tax or VAT.

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He said: "Central government saves Rs 15 on every litre of petrol due to fall in crude oil prices".

"However, if this was to happen, the state will have to forego Rs 34,627 crore of tax revenue / 0.2 per cent of consolidated fiscal deficit of states", said Ecowrap.

RAC fuel spokesman Simon Williams said: "This is the worst series of consecutive daily supermarket price rises we have seen since we began monitoring this three and a half years ago".

'The outlook for fuel prices in the weeks ahead is not good, with another penny a litre expected to be added.

While petrol prices were hiked by 15 paise per litre in Delhi, Kolkata, Mumbai and Chennai, diesel prices were raised by 11-12 paise per litre.

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