Fuel prices skyrocket for fourth straight day

Fuel prices skyrocket for fourth straight day
DIMAPUR, FEB 12 (NPN) | Publish Date: 2/12/2021 1:16:49 PM IST

Fuel prices were revised across the country for the fourth straight day on Friday, as the state-run Oil Marketing Companies (OMC) hiked petrol and diesel prices by 29 and 38 paise per litre respectively. 

A litre of petrol in Delhi is selling at Rs. 88.14 and diesel is at Rs. 78.38 a litre.

With the latest hike, a litre of petrol in Dimapur is selling at a record high of Rs. 90.55, while diesel is at Rs. 81.30 per litre. In the State capital-- Kohima, petrol price was at its all time high at Rs. 91.47 per litre and diesel is retailing at Rs. 82.02.

Govt told to cut taxes

Reserve Bank of India (RBI) had suggested that the Union and state governments reduce taxes on petroleum products to provide some relief to customers who are paying record high prices for petrol and diesel. “Pump prices of petrol and diesel have reached historical highs. An unwinding of taxes on petroleum products by both the Centre and the states could ease the cost-push pressures,” the Monetary Policy Committee (MPC) said.

The statement comes a few days after the Centre imposed an agricultural infrastructure and development cess on petrol and diesel at the rate of Rs 2.5 and Rs 4 per litre, respectively, in the Budget. 

However, the government proportionately reduced basic excise duty and special additional excise duty to make it a revenue-neutral exercise and also to ensure that consumers are not affected.

Assam cuts fuel price by Rs. 5: The Assam State Assembly election is still two months away but the BJP is already paving the way to woo voters. 

The state’s finance minister Himanta Biswa Sarma withdrew additional cess on petrol, diesel and alcohol on Friday. (Read more on p-4)

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