Published: Tue, May 29, 2018
Finance | By Jaime Brady

Steady rise in supermarket fuel prices

Steady rise in supermarket fuel prices

The price of petrol in Kolkata is Rs 81.06/litre and Rs 81.43/litre in Chennai, according to Indian Oil Corporation.

On Monday, one litre of petrol was Rs 78.27 in Delhi, while a litre of diesel was Rs 69.17.

The oil ministry has given its in-principle approval for futures trading in petrol as well as diesel and the final clearance from regulator Sebi should come soon, a top official of commodity derivatives exchange ICEX said on Monday amid rising fuel prices. It is being sold at Rs 79.71 in Bangalore, Rs 82.62 in Trivandrum, Rs 82.80 in Srinagar, Rs 80.10 in Jammu, Rs 78.58 in Shimla, Rs 83.89 in Patna, Rs 78.82 in Lucknow, Rs 81.22 in jaipur, 83.08 in Hyderabad, Rs 80.66 in Guwahati, 81.45 in Gangtok, Rs 75.43 in Chandigarh and Rs 84.06 in Bhopal. The revised prices are applied at the fuel stations with effect from 6 am every day.

In April, Pradhan had said the Centre and the state governments have been considering bringing the petroleum products under the ambit of Goods and Services Tax. Oil Minister Dharmendra Pradhan had said the previous day that the government was looking at both short-term and long-term solutions to soaring fuel prices. Addressing the furore over fuel price hike, Shah had said that the government officials were taking the issue of fuel price hike seriously. "This is the most plausible scenario under the current circumstances", the report said. Delhi has the lowest fuel price among all metros and most state capital due to lower incidence of local sales tax or VAT.

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State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) were in April 2002 given freedom to revise rates of petrol and diesel on 1st and 16th of every month based on average rate of benchmark global petroleum product prices and rupee-US dollar rates in the preceding fortnight.

"However, if this was to happen, the state will have to forego Rs 34,627 crore of tax revenue / 0.2% of consolidated fiscal deficit of states", said Ecowrap.

It comes as prices at the pumps have already surged to a three-year high.

Supermarket fuel prices have risen every day since the end of March, with average prices at the big four retailers going up by more than eight pence per litre.

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