Published: Tue, September 11, 2018
Money | By Bruce West

Increasing Continuously Fuel prices reach new high

Increasing Continuously Fuel prices reach new high

Making his first public appearance after returning from the Kailash Mansarovar pilgrimage, Congress president Rahul Gandhi on Monday led the Opposition charge against rising fuel prices and questioned Prime Minister Narendra Modi's silence on key issues such as the Rafale deal, unemployment, women's safety and farmers' suicides.

In Parbhani, a city located in eastern Maharashtra. Since May 2014, the excise duty on petrol has seen a skyrocketing increase of 211%, while the duty on diesel has seen an increase of 443%. And diesel? Rs 77.92 per litre.

Diesel price in the state has touched an all-time high (it reigns at Rs 77.98 a litre in Thiruvananthapuram on September 10) and is now higher than all the four metros. In Bengaluru, petrol price is Rs 83.51 and diesel is Rs 75.32.

However, many feel that by attributing the price hike only on worldwide factors must be taken with a pinch of salt, the BJP government is trying to shrug away its own responsibility of bringing fuel prices under the ambit of the Goods and the Services Tax (GST). A litre of petrol now costs Rs 88.26 in Mumbai while diesel is worth Rs 77.47.

Naidu, who has been mounting pressure on the centre to reduce the fuel prices for a while, said going by the indicators the petrol and diesel prices may soon hit Rs 100 a litre and the Rupee value may fall to Rs 100 against the U.S. dollar. In Mumbai, a litre of petrol costs Rs 87.77 and diesel comes for Rs 76.98, the notification said. It also makes it clear that it is only due to the taxes levied by the Centre and the additional value added tax by the states that the fuel is becoming a priced commodity for domestic users.

With the title "Truth of hike in petroleum prices", the ruling party with the help of bar diagrams explained that the percentage increase in the rise of fuels in 2018 is less than the increase during the previous two terms. "Under Modi, the country has reached a low", Leader of Opposition Ramesh Chennithala said while inaugurating his party's protest in Kochi.

NCP chief Sharad Pawar, who shared the dais with other Opposition leaders, said it is necessary to make the government understand that they have completely failed to serve the nation.

Law minister Ravi Shankar Prasad on Monday blamed Organization of Petroleum Exporting Countries (OPEC) for the surge in global prices of crude and said that the solution for the fuel price hike in not in government hands.

Calling the hike in prices of petroleum products a "momentary difficulty" due to the worldwide crisis, the BJP on Monday condemned incidents of violence during the Bharat Bandh.

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