Fuel prices touch all-time high

NEW DELHI, AUG 31 (AGENCIES/NPN) | Publish Date: 8/31/2018 12:59:58 PM IST

Petrol and diesel prices hit a record new high in four metros across the country on Friday. Fuel prices today hit their highest level, crossing the previous peak reached on May 29. The petrol price has been increased by Rs. 0.22 per litre since Thursday and diesel price by Rs.0.28 per litre in the national capital. Petrol is being sold at a price of Rs. 77.05 per litre in Kohima today and diesel at Rs. 68.61 per litre. In Dimapur, petrol is retailing at Rs. 76.29 per litre and diesel at Rs. 68.04 per litre. The revised rates are applicable from 6 am on August 31, 2018.

LPG rates up by Rs 1.49: Subsidised LPG with effect from midnight tonight will cost Rs 499.51 per cylinder in Delhi as against Rs 498.02 currently, mainly due to the tax incidence on base price, a statement issued by Indian Oil Corp (IOC), the nation’s largest fuel retailer, said. All LPG consumers have to buy the fuel at market price. The government, however, subsidises 12 cylinders of 14.2-kg each per households in a year by providing the subsidy amount directly in bank accounts of users. This subsidy amount varies from month to month depending on the changes in average international benchmark LPG rate and foreign exchange rate. The subsidy transfer in customers’ bank account has been increased to Rs 320.49 per cylinder in September 2018 as against Rs 291.48 per cylinder in August 2018.

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