Petrol, diesel price hiked by steepest level in a year

DIMAPUR/NEW DELHI, SEP 7 (NPN/AGENCIES) | Publish Date: 9/7/2018 12:39:26 PM IST

Rates of petrol and diesel have risen by about Rs 4-4.5 per litre in about six weeks across the country as the combination of falling rupee and higher international oil prices help sets new price records in the domestic market. Petrol and diesel price were Friday hiked by about 50 paisa per litre each- the steepest increase in rates since daily price revision came into effect over 14 months back - to push rates to their highest ever.

In Dimapur petrol price as on Friday was Rs. 77.79 per litre, a hike by 53 paisa while diesel stood at Rs.69.91 after the price was hiked by 56 paisa per litre. In Kohima, petrol cost Rs. 78.49, a hike by 47 paisa per litre while diesel was hiked by 51 paisa, costing Rs.70.43 per litre as on Friday. (See district-wise table)

Meanwhile, a litre of petrol in Delhi now costs Rs 79.99 - a record high. It costs Rs 87.39 in Mumbai. Diesel is now priced at Rs 72.07 a litre in Delhi and Rs 76.51 per litre in Mumbai. 

As commuters blame Narendra Modi government for being ineffective in keeping the process of fuel in control, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan claimed that the surge in fuel prices is owing to the rise in global crude oil prices and falling value of Indian currency against the dollar.

Daily use items to become expensive: If the hike in fuel prices has weighed on your wallet, then you should brace for another bad news. Consumers in India will soon have to shell out more on daily use products. The prices of FMCG products are likely to increase by about 5-8 per cent starting next month.

According to a report in The Economic Times, some companies have already increased prices in line with various inflationary pressures such as spike in petrol and diesel prices. The hike in minimum support price (MSP) for farmers, and upwards movement in commodity prices will also lead to revision in MRP of some products, it said.

Cong calls for Bharat Bandh: Congress which claimed that it has the support of the RJD, NCP, JD(S), JVM and JMM for its Bharat bandh on September 10 to protest rising fuel prices, got a shot in the arm on Friday with the DMK announcing that it would also back the shutdown. “Congress has decided to call for Bharat Bandh on September 10, in order to highlight the Rs 11 lakh crore fuel loot, to demand that there should be immediate reduction in central excise duty and excessive VAT in the states, and that petrol and diesel be brought within GST...,” RS Surjewala of Congress said.


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