Monday, August 8, 2022

Fuel prices continue to rise on 9th day

Fuel prices continue to rise, with both petrol and diesel rates increasing by 80 paise per litre on Wednesday, resulting in a total increase of nearly Rs 5.60 per litre in the last nine days.

Petrol currently costs Rs 101.01 per litre in the national capital, while diesel costs Rs 92.27 per litre. Petrol and diesel prices in Mumbai have increased by 84 and 85 paise per litre, respectively, costing Rs 115.88 and Rs 100.10 per litre. In Chennai, the price of petrol is Rs 106.69 per litre (up 75 paise) and diesel is Rs 96.76 per litre (up 76 paise). Petrol costs Rs 110.52 per litre in Kolkata (up 84 paise) and diesel costs Rs 95.42 per litre (increased by 80 paise).

There had been a hiatus in gasoline price revisions since November 4 of last year, which ended on March 22 as crude oil prices rose in response to Russian military operations in Ukraine.

Given the substantial rise in crude oil prices on international markets, prices are expected to rise even further. It will have a cascade effect on other prices, causing inflationary pressure and slowing GDP. It will have a cascade effect on other things’ costs.

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

On November 3 of last year, the Centre lowered excise tax on petrol by Rs 5 per litre and diesel by Rs 10 per litre to lower retail prices across the country.

As a result, numerous state governments decreased the value-added tax (VAT) on gasoline and diesel to help consumers.

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