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".

Will Power wins 102nd running of the Indianapolis 500
Defending champion Takuma Sato also crashed out after running into the back of James Davison's vehicle . Sebastien Bourdais , three-time victor Helio Castroneves and Tony Kanaan also lost control and wrecked.

Turkey's lira rallies after emergency rate hike
The currency has slumped about 12% this month alone, with only the Argentine peso having plunged more. Erdogan has called for low interest rates to ensure strong growth.

Soaring fuel prices: Maharashtra milkman sells bike, now does rounds on horse
With fuel prices going up for the eleventh continuous day, demands to cut excise duty or state Value-Added Tax have grown louder. The central government levies Rs19.48 a litre in excise duty on petrol and Rs15.33 per litre on diesel .

"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.

Rahul took a jibe at the Prime Minister after he accepted an online fitness challenge posed by Indian Cricket captain Virat Kohli. "I look forward to your response", he tweeted.

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.

Related Articles

  • Cyclone Mekunu surges through Oman killing 2

    Cyclone Mekunu surges through Oman killing 2

    Later, Socotro governor Ramzy Mahrous told Saba news agency that four sailors who were missing were found alive on Friday. In 2007, Cyclone Gonu tore through Oman , killing at least 49 people and causing damage estimated at $3.9 billion.
    Abortion laws in Northern Ireland are 'unsustainable', shadow minister says

    Abortion laws in Northern Ireland are 'unsustainable', shadow minister says

    He said it will be remembered as "the day Ireland stepped out from under the last of our shadows and into the light". With the vote decided, attention is turning to Ireland's parliament, which will make new laws to govern abortions.

    Rockets won't have Paul in Game 6

    The only downside for Houston was a right hamstring injury to Paul that saw him limp off in the final minute. It was a tough shot", Curry said of Paul, who left Houston's 98-94 Game 5 win with a hamstring injury .
  • ALBERTO: Florida, Alabama, Mississippi states of emergency

    ALBERTO: Florida, Alabama, Mississippi states of emergency

    Residents can expect gusty wind near the coast, isolated tornados and localized flooding from heavy rainfall , the advisory says. Gulf Coast as it tracks north, bringing a growing threat of floods, but it's had little impact on offshore energy production.
    Sergio Ramos is Real Madrid's first lord of skulduggery

    Sergio Ramos is Real Madrid's first lord of skulduggery

    Real Madrid defender Sergio Ramos has claimed that Cristiano Ronaldo and Mohamed Salah should not be compared ahead of the Champions League Final this weekend.
    LeBron James and the magic, wonder and mystery of Game 7

    LeBron James and the magic, wonder and mystery of Game 7

    James looked rattled midway through the fourth quarter when he clashed with teammate Nance Jr, who collided with James' knee. Tatum , who was not called for a foul, did not display any adverse effects, and played for the remainder of the game.
  • Cavs 109-99 Celtics: LeBron dazzles in dominant 46-point effort

    Cavs 109-99 Celtics: LeBron dazzles in dominant 46-point effort

    He also knows how to lead a team to a comeback - the Cavs were down 2-0 and 3-1 to Golden State in 2016 and won the title. He's proven that time and time again, and the Celtics may wish they had him if they finish off the Cavs.
    USA  officials hold talks with North Korea despite Trump-Kim summit uncertainty

    USA officials hold talks with North Korea despite Trump-Kim summit uncertainty

    Mr Trump told reporters at the White House during a meeting with a U.S. prisoner freed by Venezuela: "It's moving along very nicely".
    Houston Rockets vs. Golden State Warriors - 5/28/18 NBA Pick, Odds, and Prediction

    Houston Rockets vs. Golden State Warriors - 5/28/18 NBA Pick, Odds, and Prediction

    Golden State eventually found some sort of rhythm in the second quarter, bringing the deficit back down to 10 by halftime. Considering the ups and downs of this series and the mystique of the Warriors, it's about the best thing we can hope for.
  • Rep:

    Rep: "Hero teacher" released from hospital

    Flyger coached Seaman for two seasons, and he remembers Seaman's character. " An extraordinary story for another day", he said. He said that his brother was "talking" when he was en route to the hospital and that he had spoken to his wife.
    Landmark EU law is new weapon for data protection activist Schrems

    Landmark EU law is new weapon for data protection activist Schrems

    The GDPR is likely to be the standard of personal information protection and used as the new norm of the data economy. French President Emmanuel Macron said on Twitter that "with the GDPR we are building a European sovereignty on data".
    Shakhtar midfielder Fred: Man Utd have made very strong bid

    Shakhtar midfielder Fred: Man Utd have made very strong bid

    Both players possess pretty complete skill-sets that you'd typically expect from a central midfielder. Their closest rivals, Manchester City and Liverpool enjoyed great success in the 2017/18 campaign.