Bring petrol, diesel under GST immediately: Chidambaram

04 September, 2018, 12:33 | Author: Shannon Aguilar
  • Petrol prices went up by Rs 2.17 per litre since August 16 while diesel rates climbed by Rs 2.62

The price of diesel remained static at Rs 75.74 per litre.

The price of petrol increased to a new all-time high of Rs 86.72 per litre in Mumbai on Tuesday, increasing 16 paise from the day before.

Union minister of Petroleum and Natural Gas, Dharmendra Pradhan, blamed the "isolated" policies of the USA for the "abnormally" rising fuel prices in the country.

The output from the OPEC rose by 220,000 barrels per day (BPD) in August to a 2018 high of 32.79 million bpd, a Reuters survey found.

Petrol and diesel prices in the country have touched their highest levels on Monday. Due to sanctions on Tehran from the US, India had to reduce its imports from Iran, subsequently reducing the total fuel availability in the country.

The appreciation of dollar against rupee has also pushed up rates for compressed natural gas (CNG) as well as piped natural gas (PNG) since the price of gas procured by city distributors is mostly dollar-denominated. The price of petrol increased by Rs 0.31 per litre while that of diesel was hiked by Rs 0.39 per litre.

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In Delhi, a litre of petrol now costs Rs 79.31, in Mumbai Rs 86.72, Chennai Rs 82.41 and Kolkata 82.22. There is a pressure on oil prices due to decrease in production. "Centre and states must act together and bring petrol and diesel under GST", he added. "Secondly, global currencies have weakened against the U.S. dollar", Pradhan had said in Surat.

Also, crude oil has gained Dollars 7 a barrel in a fortnight, driven by fears that the United States sanctions on Iran will likely contract supplies.

This takes the worldwide price of crude oil and the value of the rand against the dollar into account.

Delhi chief minister Arvind Kejriwal on Monday said the government had made a "mess" of the economy.

Radebe said that the fuel price was driven by global factors - such as the rand exchange rate, the worldwide price of crude oil.

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