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