Petrol, diesel continue to touch new highs

Fuel prices hit fresh record high Petrol now costs Rs 90.35 litre in Mumbai

Fuel prices hit fresh record high Petrol now costs Rs 90.35 litre in Mumbai

Fuel prices across the country maintained an upward surge on Thursday with petrol now coming at Rs 83 per litre in Delhi.

Motorists are facing unprecedented rises in the price of fuel in October, according to the Automobile Association analysis of unaudited month-end fuel price data released by the Central Energy Fund on Thursday. A litre of petrol touched Rs. 90.57 per litre in Mumbai, while diesel was capped at Rs. 79.01 per litre.

The prediction is based on simple calculation of roughly 40-50 paisa per litre increase in retail prices of petrol and diesel for every one dollar increase in global crude oil prices. Mumbai has the highest sales tax or VAT. After that Karnataka government announced to cut down the fuel prices by Rs 2 per litre across the state.

Petroleum Minister Dharmendra Pradhan on Wednesday said reducing taxes on these items will not have any lasting impact due to the continuing volatility in crude prices. So, the fuel stations are getting ready to cope with the situation if the fuel prices reach Rs 100/litre.

Price of Brent crude, the benchmark for half the world's oil including India's, was hovering around USD 80 per barrel while rupee traded at 72.8112 to a U.S. dollar Tuesday, nearing a record low of 72.9138 touched last week.

"It is still not too late and government can save the consumers by reducing excise and Value-Added Tax".

While the current petrol price hovers uncomfortably around the R16 per litre mark, October is expected to bring about a whopping R1.01 per litre increase for petrol, with the price of soaring up by R1.24.

The Centre increased excise duty on petrol and diesel on nine occasions between November 2014 and January 2016 that has more than doubled its excise collections.

Recommended News

  • BOMBSHELL: Two Men Tell Judiciary Committee They Did It, Not Kavanaugh | Trending

    BOMBSHELL: Two Men Tell Judiciary Committee They Did It, Not Kavanaugh | Trending

    Ford considered the incident to be "attempted rape", her lawyer said. That became clear this week as Kavanaugh , now a judge on the U.S.

    Europe sweeps foursomes to take 5-3 Ryder lead

    The 42nd Ryder Cup opened amid a cacophony of noise as nearly 7,000 fans created a remarkable atmosphere around the first tee. Tyrrell Hatton missed a 20-foot birdie attempt on the 18th, and Spieth rolled in his three-foot par putt for a 1-up victory.
    Republicans to Advance Kavanaugh Nomination After Securing Swing Vote

    Republicans to Advance Kavanaugh Nomination After Securing Swing Vote

    Orrin Hatch, R-Utah. "But they have a right to request it". "And if I am chairman next year, if we keep the majority and Sen". Democrats have been calling for such a probe, though Republicans and the White House have insisted it was unnecessary.
  • Trump Holds Press Conference At UN

    Trump Holds Press Conference At UN

    Now it's possible I'll hear that and say hey I'm changing my mind. "I only say this: 36 years, no charge, no nothing", he said. Trump called on reporters at will, often taking time to malign or praise their respective news outlets.
    India beat Bangladesh in Asia Cup final

    India beat Bangladesh in Asia Cup final

    Be ready to witness the climax of Asia Cup 2018 when India and Bangladesh will face each other in the final. This might well be the must-win battle within the battle for Bangladesh if they should stand a chance.
    Mourinho And Pogba Have Heated Training Exchange

    Mourinho And Pogba Have Heated Training Exchange

    United were sent out of the championship by League one side Derby County who is now being managed by former Chelsea star Frank Lampard .
  • Too much screen time, too little horseplay for kids

    Too much screen time, too little horseplay for kids

    That's what the researchers found when they compared guideline adherence against performance on brain exercises ("cognition"). The study reports that on average, USA children spend almost 3.6 hours per day looking at a screen for recreation.
    Trump reopens FBI investigation into Kavanaugh

    Trump reopens FBI investigation into Kavanaugh

    Patrick Leahy. "We're a very weak arm of the Trump White House". "I don't want to be in a position where people say, 'No, thanks". Circuit has praised my judicial temperament", Kavanaugh said Thursday during his combative testimony .
    Trump cites George Washington’s slaveholding past in defense of Brett Kavanaugh

    Trump cites George Washington’s slaveholding past in defense of Brett Kavanaugh

    With so much in limbo, there was no grand strategy at play other than Trump's call for a more forceful defense of Kavanaugh. The sensational claims have thrust Judge Kavanaugh into a media storm as the allegations continue to pile up.
  • Strong quake, tsunami in Indonesia’s Sulawesi island kill at least 30

    Strong quake, tsunami in Indonesia’s Sulawesi island kill at least 30

    Indonesia's geophysics agency confirmed the tsunami occurred after the agency originally called off its tsunami warning. Videos circulating on social media show a powerful wave hitting Palu with people screaming and running in fear.
    Sen. Jeff Flake announces he will vote to confirm Kavanaugh nomination

    Sen. Jeff Flake announces he will vote to confirm Kavanaugh nomination

    Flake told the Associated Press he thought Kavanaugh deserved the "presumption of innocence ... absent corroborating evidence". Jeff Flake , R-Ariz., in an elevator after he announced his support for Supreme Court Justice nominee Brett Kavanaugh .
    Senate GOP tries to push Kavanaugh over the finish line

    Senate GOP tries to push Kavanaugh over the finish line

    Marco Rubio said Thursday night that he planned to review Kavanaugh and Ford's testimony overnight before making a final decision. I don't know who this is and this never happened, ' Kavanaugh said in a statement issued through the White House.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.