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Upto what Price Petrol will continue to soar?

Discussion in 'Commodity Trading' started by Priya Patel, Apr 3, 2018.

  1. Priya Patel New Member

    Petrol prices continue to soar, Oppn slams govt 'apathy'


    Price of the fuel increased by 12 paise per litre in New Delhi, taking it to Rs 73.95/litre

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    Days after hitting a multi-year high, petrol prices continued to soar on Tuesday. The price of the fuel increased by 12 paise per litre in the national capital, taking it to Rs 73.95/litre.

    As per a price notification issued by Indian Oil today, petrol costs Rs 76.66 in Kolkata, Rs 81.80 in Mumbai and Rs 76.72 in Chennai.

    The soaring fuel prices have gained political attention with the Opposition lashing out at the Centre, while the government defended itself on the issue.

    Congress' Mumbai unit chief Sanjay Nirupam lashed out at the Union government on Monday, alleging that it was neither addressing the issue nor did it have a back-up plan.

    "Fuel prices are at an all-time high. 'Achhe din' is nowhere in sight. The government does not have a back-up plan and it isn't addressing the issue either. This is a government that is anti-people and cares only for the ultra-rich," said Nirupam.

    However, Oil Minister Dharmendra Pradhan said the government is keeping a close eye on international prices.

    Fuel pricing is based on a transparent mechanism, he said, attributing the spurt in rates to happenings in international market. "When crude oil prices rise, naturally consumer feels a pinch," he said.

    "We are concerned (about the impact on consumers). We are keeping a close eye on the developing international oil scenario," he said.

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    He, however, did not offer any hint of a government intervention like cutting excise duty to give relief to consumers.

    India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.

    On Sunday, petrol prices hit its highest levels since September 2014 while diesel prices breached their previous high, achieved in February this year.

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