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Fuel prices increase yet again

16 October 2018

While petrol price remained static Monday, diesel rates were hiked by 8 paise per litre, according to a price notification of state-owned fuel retailers.

Petrol prices are expected to increase in November again, based on an un-audited mid-month fuel price data release issued by the Central Energy Fund. Petrol costs Rs 82.72 a litre and has witnessed an increase of Rs 1.22 a litre since the October 4 decision.

Spokesperson Layton Beard says petrol prices are now set for a 40 cents a litre increase, while diesel and illuminating paraffin could spike by 70 cents and 65 cents respectively.

However, soon after, the fuel prices resumed their ascending trend. In the meet, PM discussed the measures to control the continuously rising fuel prices and the USA sanctions on Iran due to come into effect from November 4.

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After the Centre cut excise duty by Rs 1.50 and asked the PSU oil firms to subsidise fuel by ₹1, Maharashtra and Gujarat were among the first to announce a matching ₹2.50 cut. This was matched by several states which reduced local sales tax or VAT. Chhattisgarh, Jharkhand, Tripura, Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Haryana Assam, Uttarakhand, Goa, Arunachal Pradesh and Bihar followed suit.

Petrol has gone up by 10% in the past seven months, while diesel has risen by 11% over the same period. A litre of diesel costs Rs 79.35 in Mumbai, Rs 80.04 in Chennai and Rs 77.54 in Kolkata.

Even before the excise duty cut, Rajasthan, West Bengal, Karnataka, Kerala and Andhra Pradesh last month reduced Value-Added Tax to cushion consumers for a spate of price increases. Amid a continuous rise in petrol and diesel prices, Prime Minister Narendra Modi is scheduled to meet chiefs of oil companies on Monday to take stock of the global energy scenario.

Fuel prices increase yet again