Thursday, November 30, 2023

9th fuel price hike on 10th day

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Fuel prices continue to climb, with petrol and diesel rates increasing by another 80 paise per litre on Thursday, for a total increase of nearly Rs 6.40 per litre in nine revisions in ten days.

Petrol currently costs Rs 101.81 per litre in the national capital, while diesel costs Rs 93.07 per litre. In Mumbai, petrol and diesel prices have risen by 84 paise, costing Rs 116.72 and Rs 100.94 a litre, respectively. In Chennai, the price of petrol is Rs 107.45 (up 76 paise) per litre, while diesel is Rs 97.52 (up 76 paise) per litre.

In Kolkata, the price of petrol is Rs 111.35 per litre (an increase of 83 paise) and diesel is Rs 96.22 per litre (an increase of 83 paise) (increased by 80 paise).

There had been a hiatus in the modification of gasoline prices since November 4 of last year, which was interrupted on March 22 when crude oil rose in response to Russia’s military activities in Ukraine.

Prices are expected to rise further as a result of the strong increase in crude oil prices in foreign markets. It will have a knock-on effect on the pricing of other things, causing inflationary pressure and harming the GDP. It will have a repercussion on the cost of other things.

Meanwhile, the Congress Party has planned a statewide anti-price hike campaign called “Mehngai Mukt Bharat Abhiyan,” in which it would hold demonstrations and marches across the country from March 31 to April 7.

Notably, on November 3, last year, the Centre reduced excise tax on petrol by Rs 5 per litre and diesel by Rs 10 per litre in order to reduce retail prices across the nation.

Following this, numerous state governments decreased the Value-Added Tax (VAT) on gasoline and diesel in order to offer assistance to the public.

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