Petrol, diesel prices hiked for the third time within four days

May 17, 2018, 00:59
Petrol, diesel prices hiked for the third time within four days

According to the new revised rate, the petrol will cost Rs 110 per litre and diesel and kerosene will cost Rs 92.

State-owned oil PSUs hiked petrol prices by 17 paise a litre and that of diesel by 21 paise per litre. With Tuesday's hike, petrol now sells at four-year high level of Rs 74.95 a litre and diesel at an all time high level of Rs 66.36 a litre in Delhi.

The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then also cut the tax once in October a year ago by Rs 2 a litre. Since September 2013, petrol prices are at their highest level and diesel prices are also at their all-time high in Delhi. The revisions were altogether stopped on April 25 due to polls in key southern state.

Global crude prices had been rising over fears that the sanctions by the United States on Iran, one of the biggest producers in the Middle East, could limit crude exports from the country.

Finance Secretary Hasmukh Adhia and Economic Affairs Secretary Subhash Garg have in the past weeks ruled out any immediate reduction in excise duty to cushion the increases warranted from a spike in worldwide oil price. In the past, marketing margins have turned negative in the run-up to state elections in 2015 and 2017, though crude prices then had not risen much as compared to the current surge. Hence, the losses to the OMCs are likely to get repeated in the coming months, affecting their profitability, say analysts. The brent crude oil is now priced around $78 per barrel. Also, the rupee has weakened to Rs 67 per U.S. dollar from Rs 66.62, making imports costlier.

YOU MIGHT ALSO LIKE
  • J&K: CRPF jawan killed in encounter with terrorists

    J&K: CRPF jawan killed in encounter with terrorists

    The terrorists attempted to force their way inside a guard post at Wardwan in Soibug area of the central Kashmir district. Officialsources said that a joint team of 55 RR, SOG and CRPF at village Chinar bagh, Mohalla Takya in Barpora Pulwama.
    WTO rules European Union  failed to stop subsidies on some Airbus aircraft

    WTO rules European Union failed to stop subsidies on some Airbus aircraft

    The report came almost 14 years after America brought the dispute to the WTO at the behest of Boeing , Airbus's closest rival. The disputed funding to Airbus has cost U.S. aerospace manufacturers "tens of billions of dollars in lost sales", U.S.
    It's not easy to say goodbye, says Wenger

    It's not easy to say goodbye, says Wenger

    When he first arrived at Highbury in 1996, many questioned the board for the decision to appoint a manager with no experience of English football.
  • Protesters in Halifax call on Canada to condemn killing of Palestinians

    Protesters in Halifax call on Canada to condemn killing of Palestinians

    Turkish president Recep Tayyip Erdogan tweeted that Israeli PM Benjamin Netanyahu " has the blood of Palestinians on his hands ". Some funerals were held in the Israeli-blockaded Gaza Strip yesterday, while others took place today.
    Tech and health care lead U.S.  stocks lower

    Tech and health care lead U.S. stocks lower

    MSCI's gauge of stocks across the globe shed 0.86 per cent amid weak economic data from Germany and China. The Russell 2000 index of smaller-company stocks gave up 6.45 points, or 0.4 percent, to 1,600.34.
    Title Match Confirmed For WWE Raw This Week

    Title Match Confirmed For WWE Raw This Week

    Not exactly happy, Reigns sought out Mahal and brawled backstage with him, with the Modern Day Maharaja barely escaping. Bayley and Mickie James by pinning Bayley following the DDT to qualify for the Women's Money-in-the-Bank Ladder Match.
  • HTC Has A Blockchain-powered Phone In The Works

    HTC Has A Blockchain-powered Phone In The Works

    It will be launched later this year at a price of $999 (although those paying with Sirin's own cryptocurrency get a 10% discount). It's quite likely that the future phones will be readied with blockchain and generic cryptocurrency compatibility in mind.
    Facebook struggles to get machines to stamp out hate speech

    Facebook struggles to get machines to stamp out hate speech

    The company removed 2.5 million pieces of hate speech in Q1, 38 percent of which was flagged by its technology. Meanwhile, Facebook removed or added warning labels to about 3.5 million pieces of graphic violence content.
    Ford could resume F-150 production next week

    Ford could resume F-150 production next week

    Ford has sold 287,000 F Series trucks in the United States in the first four months of this year, up 4% compared to a year ago. The production downtime is tipped to affect Q2 profits at Ford, but the company hasn't changed its outlook for the year.
  • Vodafone chief Vittorio Colao to step down

    Vodafone chief Vittorio Colao to step down

    Vodafone Group Plc says that Read was chosen as the successor to Colao following an extensive search for a replacement CEO. The company added over 1 crore pre-paid customers but lost 5.8 lakh contract or postpaid customers in January-March.
    Researchers lab-test molecule that may combat common cold virus

    Researchers lab-test molecule that may combat common cold virus

    But researchers at Imperial College London have developed a molecule known as IMP-1088 which could work around these restrictions. By contrast, the new molecule successfully blocked the several strains it was trialed against without damaging the human cells.
    Juventus complete double with seventh straight Serie A title

    Juventus complete double with seventh straight Serie A title

    Juventus are optimistic of keeping hold of coach Massimiliano Allegri as rumours he will replace Arsene Wenger at Arsenal cool. That left many pundits - including Allegri - naming Maurizio Sarri's Napoli as favourite for the title.
popular