Fuel prices hiked for 15th consecutive day

Fuel prices hiked for 15th consecutive day

In 2018, petrol price in Mumbai has already reached Rs 85.93 a litre on May 27, considering that average price of crude stood at $69.30 in April and is expected to close a tad higher at $72 a barrel in May.

But on Thursday, speaking to reporters in Bhubaneswar, Minister for Petroleum and Natural Gas, Dharmendra Pradhan said an immediate solution may be in the offing.

Of late, geo-political tensions in the Middle East and supply side constraints have led to a surge in global crude oil prices. Annual imports right now are about 1.575 billion barrels and for every dollar change in oil prices upwards, its import bill swells by US$13 million.

Road Transport and Highways Minister Nitin Gadkari on Friday said petrol and diesel should be brought under the Goods and Services Tax regime to curb the price hike.

Mr Williams advises motorists to consider modifying their driving styles to improve fuel economy.

"The supermarkets are being very quick to pass on increases in the wholesale price of fuel".

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"Some of them include fluctuations in worldwide market and depreciation of Indian rupees against the USA dollars". We don't see only one factor. With the West Asian situation getting uncertain, thanks also to the idiosyncrasies of US President Donald Trump, disruption in supplies and consequent pressures on crude prices can not be ruled out.

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It is mostly agreed that bringing fuel prices under GST would help significantly reduce taxes imposed on petrol and diesel - a key component behind the now record-high prices. Currently, oil marketing companies Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation revise petrol and diesel prices on a daily basis.

Bharatiya Janata Party (BJP) president and Rajya Sabha MP, Amit Shah, on last Tuesday, assured that the government will come up with a solution within two to three days.

Interestingly, the hike came in the wake of marginal drop in price of crude oil in the worldwide market.

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