Steady rise in supermarket fuel prices

Fuel price hike LIVE Petrol costs Rs 77.97 in Delhi Rs 85.78 in Mumbai today

Breaching the previous high of Rs 76.06 per litre touched in New Delhi on September 14, 2013, petrol has touched an all-time-high with this increase. The price hikes mean petrol and diesel were now at their most expensive since 2015.

Meanwhile, the Indraprastha Gas Limited (IGL) on Monday announced an increase in the prices of Compressed Natural Gas (CNG) in Delhi and nearby areas, comprising Noida, Greater Noida and Ghaziabad as a result of the recent appreciation of dollar and revision in proportions of domestic gas allocation. Retail prices were frozen between April 24 and May 13, when campaigning was on for the Karnataka Assembly elections. Former Finance Minister P Chidambaram recently claimed that it was possible for the government to cut up to Rs 25 per litre in petrol prices.

"Given that these revenue if foregone will not impact states fiscal position, we estimate that on an average, states can cut petrol prices by Rs 2.65/litre and diesel by Rs 2/litre, if the entire revenue gain was to be neutralised".

During his electoral campaign in 2014, Prime Minister Modi had attacked the Congress on rising fuel prices back then and said that under the BJP's rule, people would witness a steep decline in petrol and diesel prices, and the rupee-dollar exchange rate.

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If this was the case, diesel prices could further reduce by Rs 3.75 a litre and petrol prices by Rs 5.75 per litre, it said. The opposition parties and people have been demanding a cut in Centre and state tax on fuels. Today it is Rs 16.64 on petrol and Rs 10.17 a litre on diesel. State sales tax or VAT varies from state to state.

"For a long-term solution, Government of India is planning for a holistic strategy. bringing petroleum products within the ambit of GST is one among them", he said. He, however, said the ultimate decision regarding this remained with the Petroleum Ministry.

When prices were falling, the government kept hiking excise duty on fuel to make up for the fall in revenue, since taxes on oil are levied as a percentage of its price.

Petrol and diesel prices today were hiked for the sixteenth straight day across the country.

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