Published: Tue, September 04, 2018
Finance | By Jaime Brady

Yashwant Sinha Slams Government For Hike In Prices Of Petrol, Diesel

Yashwant Sinha Slams Government For Hike In Prices Of Petrol, Diesel

"This unsuccessful government should take some measures to curb the prices", Vohra said.

With imports becoming costlier because of a free-fall in rupee against the USA dollar, the government believes the current account deficit will overshoot the target and it can not "disturb fiscal maths by cutting excise duty on petrol and diesel", the official, who wished not to be identified, said. On that day, the rate in Mumbai was Rs 86.24 per litre.

According to South African Petroleum Industry Association, the petrol retail price is regulated by the government.

"Due to the high dependence on imports of crude oil to meet domestic consumption, an increase in crude oil prices increases the current account deficit which is weighing down on the Rupee", it added.

Diesel rates had hit Rs 69.31 a litre on May 28, but this record was breached on August 27 and on Monday they hit a fresh high. Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the USA dollar.

Diesel is priced at Rs 71.34 in Delhi, Rs 74.19 in Kolkata, Rs 75.74 in Mumbai and Rs 75.39 in Chennai. "I would like to mention two points, and both these subjects are external".

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This takes the global price of crude oil and the value of the rand against the dollar into account. "OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised", he told reporters in Surat on Sunday. "Apart from that, crises in countries like Venezuela and Iran are increasing".

The rupee on Tuesday slumped to 16 paise against the dollar to trade at a lifetime low of 71.37 on strong demand for the USA currency.

Petrol is being sold Rs.0.31 higher at Rs 79.15 per litre, while diesel prices have been hiked by Rs.0.39 to Rs 71.15 per litre.

Fuel prices vary from state to state due to local levies. "This is further hurting Asian currencies", the official said.

Pradhan said that the government was planning to put diplomatic pressure.

Diesel is expected to rise by 1.

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