Petrol price hits 4-year high, diesel at highest level in Delhi

NEW DELHI: Petrol price on Sunday hit a four-year high of Rs 73.73 a litre while diesel rates touched an all-time high of Rs 64.58 in the national capital, renewing calls for the government to cut excise tax rates.

State-owned oil firms, which have been since June last year revising auto fuel prices daily, on Sunday raised petrol and diesel rates by 18 paise per litre each in Delhi, according to a price notification.

Petrol in the national capital now costs Rs 73.73 a litre, the highest since September 14, 2014, when rates had hit Rs 76.06. Diesel price at Rs 64.58 is the highest ever, with the previous high of Rs 64.22 being on February 7, 2018.

The Oil Ministry had earlier this year sought a reduction in excise duty on petrol an diesel to cushion the impact of rising international oil rates.

Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax once in October last year by Rs 2 a litre.

The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.88 per litre in Delhi and diesel Rs. 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56.89 per litre and petrol to Rs 68.38 per litre. However, a global rally in crude prices pushed domestic fuel prices far higher than those levels.

The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year.

The government had between November 2014, and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. State-owned oil companies- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation- in June last year dumped the 15-year old practice of revising rates on the 1st and 16th of every month.

Bengal chief minister Mamata Banerjee has criticised the Centre for the hike in petrol and diesel prices, that would lead to skyrocketing prices of essential goods.

With the increase in the price of the petrol and diesel, the Chief Minister tweeted: "Diesel/petrol prices are rising and rising and rising. People are suffering. Kitchens are burning. Government is only talking."

NEW DELHI: The public sector Indraprastha Gas Limited (IGL) on Sunday revised the selling prices of compressed natural gas (CNG) and piped natural gas (PNG) in Delhi, Noida Greater Noida, Ghaziabad and Rewari from midnight of 1st/2nd April.

"This revision in prices would result in an increase of 90 paise per kg in the consumer price of CNG in Delhi and Re 1 per kg in the consumer price of CNG in Noida, Greater Noida and Ghaziabad. The new consumer price of Rs. 40.61 per kg in Delhi and Rs 47.05 per kg in Noida, Greater Noida & Ghaziabad would be effective from midnight of 1st/2nd April 2018.

The price of CNG being supplied in Rewari is being increased by 95 paise per kg from Rs 50.67 per kg to Rs 51.62 per kg," the release said.

IGL has also announced an increase in its domestic PNG prices from Monday.

The consumer price of PNG to the households in Delhi is being increased by Rs 1.15 per scm from Rs 25.99 per scm to Rs. 27.14 per scm, while the applicable price of domestic PNG to households in Noida, Greater Noida and Ghaziabad would be Rs 28.84 per scm, which is being increased by Rs 1.20 per scm from existing Rs 27.64 per scm. In Rewari, the applicable price of domestic PNG would now be Rs 28.78 per scm, which has been increased by Rs 1.15 per scm.