MillenniumPost
Big Story

Petrol, diesel prices jump; Oil min seeks excise cuts

New Delhi: Petrol prices on Tuesday hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs 63.20 a litre, prompting the oil ministry to seek a cut in excise duty.
Petrol price rose to Rs 72.38 per litre in Delhi, highest since March 2014, according to daily fuel price list of state-owned oil firms.
Rates have risen by Rs 3.31 per litre since mid-December.
In Mumbai, prices have crossed Rs 80-mark - costliest in the country.
Diesel is being sold at Rs 67.30 in Mumbai, where the local sales tax or VAT rates are higher.
Since mid-December, diesel rates have jumped Rs 4.86 a litre, according to oil companies.
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
The reduction sought is part of the pre-Budget memorandum submitted by the ministry for the consideration of Finance Minister Arun Jaitley, officials said.
Oil Secretary K D Tripathi had on Monday stated that the ministry has forwarded a set of recommendation it had received from the industry. He, however, refused to give details.
The central government levies Rs 19.48 per litre excise duty on petrol and Rs 15.33 on diesel.
The rally in oil prices has renewed calls to the government to cut excise duty to cushion the burden on common man, the officials said.
State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight starting June 16 dropped but have been on the rise since July 4.
Since then prices are revised on daily basis. On Tuesday, the price of petrol went up by 15 paise per litre and that of diesel by 19 paise.
M Post Bureau

M Post Bureau

This is the default Millennium Post


Next Story
Share it