OIL & GAS

Petrol, diesel price hike: Centre, states should talk to lower fuel prices, says FM

Fuel prices in India have witnessed a steep climb since the past two weeks. Petrol and diesel prices in India rose for the 12th consecutive day on Saturday. Commenting on the hike in fuel price, finance minister Nirmala Sitharaman said on Saturday, “It’s a vexatious issue in which no answer except for fall in fuel price will convince anyone.”

To bring some respite to the common man, finance minister mentioned, “Both Centre and state should talk to bring down retail fuel price at a reasonable level for consumers.” Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel.

On Saturday, petrol price was hiked by record 39 paise per litre and diesel by 37 paise a litre. This was the largest daily increase since oil companies started to revise rates on a daily basis in 2017.

Petrol price on Saturday touched an all-time high of ₹97 per litre in Mumbai while diesel rate crossed ₹88 -mark. In Delhi, petrol price increased to ₹90.58 a litre. Diesel price rose to ₹80.97 a litre in the national capital on Saturday. Petrol price already surged past the ₹100-mark in some places in Rajasthan and Madhya Pradesh.

In 12 days, retail petrol prices have risen by ₹3.63 a litre, a record since the pricing was deregulated in 2010, and diesel rates have gone up by ₹3.84.

Source
Livemint
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