Markets

Supermarket fuel prices up every day since March 26

Supermarket fuel prices up every day since March 26

Burning a hole in public's pocket, the fuel prices on Sunday continued to skyrocket on the 14th straight day with petrol surging to a new high of Rs 78.12 per litre in Delhi.

Even as Brent crude oil has shot up to near $80 per barrel level, the government has ruled out the possibility to ease excise duty. Petrol has gone up from 119.78ppl to 128.29ppl and diesel has increased from 122.54ppl to 131.15ppl. The government will have to desperately intervene in the problem posed by rise in worldwide oil prices. Today, the OMCs have raised petrol prices in the range of 13 paise to 15 paise per litre each in various state capitals.

It is learnt that the petrol and diesel prices continue to rise as oil companies passed on four weeks of relentless rise in worldwide oil prices to consumers.

The tax, which may come in form of a cess, will kick in the moment oil prices cross Dollars 70 per barrel, sources privy to the development said. However, a $3-decline per barrel prices of global Brent crude oil has sparked expectations that fuel prices might come down in coming days. The government needs to provide relief to consumers, complaining not only of higher crude prices but also significantly higher taxes.

The government continues to increase oil prices on both occasions when crude prices go up as well as go down, appropriating the amount of differences that accrue due to fall in crude prices.

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The revenues so collected would be used to pay fuel retailers so that they absorb spikes beyond the threshold levels, reports added.

Road Transport and Highways Minister Nitin Gadkari on Friday said petrol and diesel should be brought under the Goods and Services Tax regime to curb the price hike.

However, Pradhan doesn't see this as a potential solution as the central government had reduced the excise duty on fuel by Rs. 2 per litre only recently in the wake of poor.

"The supermarkets are being very quick to pass on increases in the wholesale price of fuel".


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