Fuel prices hit a new high in India since August 2014

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In the aftermath of recent hurricanes that have hit the southern coast of United States, several refineries in the United States have shut down, resulting in a spike in international crude oil prices. As a result, Petrol and diesel prices in India have managed to hit a 3-year high. In the current situation, newly crowned Petroleum Minister Dharmendra Pradhan has ruled out interfering in the daily price revision strategy adopted by state-owned fuel companies. According to Pradhan, the current spike is a result of hurricanes hitting the US coastline, which has led to about 13% of US refining capacity not being available, leading to an increase in prices of fuel in world markets.

PETROL pump police

Since June 2017, fuel prices have been revised on a daily basis depending on international rates for a gallon of crude oil and everyday currency fluctuations. Prior to that, fuel prices were adjusted once in a fortnight, taking into consideration the same parameters. Further, the government’ decision to keep petrol and diesel out of the GST’s ambit has resulted in varying pump prices across states. However, the petroleum minister has suggested that the GST Council should consider bringing petroleum products under the new tax structure.

essar-pump

At its highest since August 2014, on September 14, 2017, petrol is priced at Rs. 70.39 per litre in Delhi, Rs. 79.48 per litre in Mumbai, Rs. 73.12 in Kolkata, and Rs. 72.95 in Chennai. On the other hand, for a litre of Diesel, one has to shell out Rs. 58.72 in Delhi, Rs. 61.37 in Kolkata, Rs. 62.37 in Mumbai, and Rs. 61.84 in Chennai.

 

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