Cheap petrol: Not a chance! Supermarkets raise fuel prices every day

Employees at a petrol Pump in Kolkata on Saturday as the fuel prices remain at record high level

Employees at a petrol Pump in Kolkata on Saturday as the fuel prices remain at record high level

The prices went up by around 15 paise; rates in metro cities now are Rs 78.43 (Delhi), Rs 81.

Diesel too hit a new lifetime high with prices in Delhi touching Rs 69.06 a litre, Kolkata Rs 71.61 per litre, Mumbai Rs 73.53 a litre and in Chennai Rs 72.91 per litre. The government had raised excise duty on petrol by Rs 11.77 a lire and that on diesel by 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October a year ago by Rs 2 a litre.

On 26 March, average supermarket fuel prices were 116.7p for a litre of petrol and 119.4p for diesel. In Delhi-NCR petrol is being sold at Rs 79.19/litre, Rs 78.95/litre, Rs 78.87/litre and Rs 78.75/litre in Faridabad, Gurgaon, Noida and Ghaziabad respectively. "With the revised price, CNG would still offer over 60 per cent savings towards the running cost when compared to petrol driven vehicles at the current level of prices".

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It comes as prices at the pumps have already surged to a three-year high.

In April, Pradhan had said the Centre and the state governments have been considering bringing the petroleum products under the ambit of Goods and Services Tax.

Critics of the government say fuel prices were kept in check to woo voters in the southern Indian state.

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Breaching the previous high of Rs 76.06 per litre touched in New Delhi on September 14, 2013, petrol has touched an all-time-high with this increase.

As the Centre has come under fire over fuel price hike, Union Petroleum and Natural Gas Minister Dharmendra Pradhan earlier assured the public that the government will soon take out a solution to tackle the situation. Fuel prices differ from state to state according to the incidence of local sales tax or VAT.

State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) were in April 2002 given freedom to revise rates of petrol and diesel on 1st and 16th of every month based on average rate of benchmark global petroleum product prices and rupee-US dollar rates in the preceding fortnight. "The Centre is working out a plan to control the increase in fuel prices", he added.

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Petrol and diesel prices today were hiked for the sixteenth straight day across the country.

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