Cheap petrol: Not a chance! Supermarkets raise fuel prices every day

28 May, 2018, 14:52 | Author: Shannon Aguilar
  • No Relief on Petrol Prices Despite Fall in International Oil Prices

The cost of diesel was at Rs 73.64 per litre, 11 paise more than the rate on May, 27.

Petrol and diesel prices continued their upward trend for the 15th consecutive day on Monday, even as global crude oil prices receded from record high levels.

In Mumbai and Chennai, petrol was sold at Rs 85.78 and Rs 80.95 a litre, respectively, up from Rs 85.65 and Rs 80.80 per litre on Friday.

More than eight pence per litre was added to average pump prices between March 26 and May 23 at the big four supermarkets, RAC Fuel Watch data shows.

The drop in crude oil rate came after Saudi Arabia, the de facto leader of OPEC (Organization of the Petroleum Exporting Countries) and Russian Federation, another top producer, mutually agreed to increase their outputs by almost 1 million barrels per day.

As the Modi government completed 4 years in office, the price of fuel continues to rise.

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The rise of petrol price in India were despite US oil futures hit six-week lows on expectations major producers may ease output curbs on Monday, while Asian stocks and USA share futures gained on signs the United States and North Korea were still working towards holding a summit.

Though political parties blame each other for this situation, the common man is ending up paying higher prices because of a progressive increase in taxes.

Congress leader P Chidambaram last week claimed it was possible to cut up to Rs 25 per litre in petrol prices.

The tax, which may come in form of a cess, will kick in the moment oil prices cross $70 per barrel, sources privy to the development said. High oil price is going to inflict additional pain just as businesses and consumers were returning to normalcy after demonetisation and GST.

Union Minister Nitin Gadkari had said that subsidising petrol and diesel to bring down their retail prices will take money away from government's social welfare schemes.

Understandably, the petroleum price hike is not an issue only for the vehicle owners but it is also equally important issue for the entire citizenry.

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