Petrol prices in other metros too were at a new high on Tuesday - Rs 77.65 in Kolkata, Rs 82.79 in Mumbai and Rs 77.77 in Chennai, according to Indian Oil Corporation. Petrol prices were increased by 15 paise on Wednesday in Delhi and Mumbai, while it was raised by 14 paise and 16 paise in Kolkata and Chennai respectively. While today is the third consecutive day when prices of essential fuels were increased, there was no increase in the rates for a few weeks since April 24.
In April, Union Petroleum Minister Dharmendra Pradhan said the Centre and the state governments have been considering bringing the petroleum products under the ambit of Goods and Services Tax. On Monday, the state-run oil companies hiked the price of petrol and diesel by 17 paise and 21 paise. Analysts say prices could go up by additional Rs 4 per litre in coming days with oil firms trying to recover their marketing margins.
Oil marketing companies seem to have woken up from a deep slumber as soon as Karnataka polls are over as they have once again started pushing up fuel prices.
The rise in global oil prices will hit a sore spot for South African motorists as yet another substantial fuel price hike is on the cards for the end of May.
The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then also cut the tax once in October previous year by Rs 2 a litre. The government has since 2014 increased excise duty on petrol and diesel 10 times taking away the gains arising from falling crude prices. Kuku Marwaha, President of Nagpur Truckers Unity, said that the transporters were bearing the brunt of high fuel prices.
According to reports, diesel is at its most expensive Delhi has ever seen, while petrol prices are the highest since September 2013. "Most of us have lost sizable business because of high diesel cost".
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