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

29 May, 2018, 09:24 | Author: Mary Valdez
  • Oil ministry gives in-principle nod to launch petrol diesel futures ICEX

Demonstrators shout slogans as they carry placards during a protest, organised by Socialist Unity Centre of India (SUCI), against price hikes in petrol and diesel, in Kolkata, India, May 28, 2018. Diesel prices touched Rs 71.72 in Kolkata, Rs 73.64 in Mumbai and Rs 73.03 in Chennai. It is being sold at Rs 79.71 in Bangalore, Rs 82.62 in Trivandrum, Rs 82.80 in Srinagar, Rs 80.10 in Jammu, Rs 78.58 in Shimla, Rs 83.89 in Patna, Rs 78.82 in Lucknow, Rs 81.22 in jaipur, 83.08 in Hyderabad, Rs 80.66 in Guwahati, 81.45 in Gangtok, Rs 75.43 in Chandigarh and Rs 84.06 in Bhopal. The present oil price hike is due to three main factors. Oil companies increased the fuel prices for the 15th consecutive day on Monday, even as global prices of crude oil have reduced in the last three days.

The prices went up by around 15 paise; rates in metro cities now are Rs 78.43 (Delhi), Rs 81. Addressing the furore over fuel price hike, Shah had said that the government officials were taking the issue of fuel price hike seriously.

As the Centre has come under fire over the fuel price hike, Union Petroleum and Natural Gas Minister Dharmendra Pradhan earlier assured the public that the government will soon come out with a solution to tackle the situation.

Spokesman Simon Williams said: 'This is the worst series of consecutive daily supermarket price rises we have seen since we began monitoring. "This is the most plausible scenario under the current circumstances", the SBI report said.

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If this was the case, diesel prices could further reduce by Rs 3.75 a litre and petrol prices by Rs 5.75 per litre, it said.

Petrol prices were hiked - once again - across the country today marking the 16th such rise in the last 16 days. Every rupee cut in excise duty on petrol and diesel will result in a revenue loss of Rs 13,000 crore.

The prices are at an all-time high.

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