• Phone: +91-809-100-2595
  • Info@Aceinvestmentadvisory.com
Stay Connected:
Petrol prices at record high:  After petrol prices hits fresh record high of Rs 84.40 per litre in Mumbai, breaching the previous record high of Rs 83.62 a litre in September-14, even as the oil PSUs passed on four weeks of relentless rise in international oil prices to consumers, will the government step in to ease burden? “The Centre is sensitive towards the rising fuel prices. Various alternatives are being explored. I hope something will work out soon,” oil minister Dharmendra Pradhan told reporters in Bhubaneswar yesterday. Notably, according to IOC’s website today, the petrol prices per litre were Rs 76.57 in Delhi, Rs 79.24 in Kolkata, Rs 79.47 in Chennai.

Petrol price yesterday increased by a record 33 paise a litre in Delhi — the highest since the daily price revision came into force in mid-June 2017, and diesel by 26 paisa, according to price notification issued by state-owned oil firms. Notably, the prices vary from state to state depending on the incidence of local sales tax or VAT, as the same is still not under the ambit of GST.  Notably, petrol has breached Rs 80 mark in Bhopal (Rs 81.83 a litre), Patna (Rs 81.73), Hyderabad (Rs 80.76) and Srinagar (Rs 80.35), according to the price notification.

Apart from Petrol, Diesel is the costliest in Hyderabad were it is priced at Rs 73.45 a litre due to high local taxes. It is priced at Rs 73.34 in Trivandrum. Other cities where diesel rates have crossed Rs 70 mark are  Raipur (Rs 72.96 a litre), Gandhinagar (Rs 72.63), Bhubhaneswar (Rs 72.43), Patna (Rs 72.24), Jaipur (Rs 71.97), Ranchi (Rs 71.35), Bhopal (Rs 71.12) and Srinagar (Rs 70.96)

Union Petroleum Minister Dharmendra Pradhan today said the increase in fuel prices was due to reduced production of oil in Organisation of Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market.

Noting that people, especially the middle-class, have to suffer due to price hike of oil, the minister said the government would try to work out a solution soon to deal with the situation, according to a PTI report. “It’s not in our hand. There is less production of oil in OPEC countries. The government will soon come out with a solution,” he told the agency.

Earlier, the government had raised excise duty nine times between November 2014 and January 2016 – when global crude oil prices plunged – totalling Rs 11.77 per litre on petrol and Rs 13.47 on diesel. However, after oil prices started moving up since August 2017, excise was cut only once by Rs 2 in October-17.

To know more about us or our services, kindly visit www.aceinvestmentadvisory.com

Ace Investment Advisory

Best Investment adviser in India & Genuine Stock advisory company