Fuel prices soar to new all-time highs

October 24, 2021 37 Views No Comment

Petrol price up Rs.36 a litre, diesel Rs.26.58 in less than 18 months

DIMAPUR, OCT 24 (NPN): There appears to be no respite in sight for the consumers as the state-owned oil marketing companies (OMCs) increased prices of petrol and diesel for the fourth consecutive day on Saturday.

According to a price notification of state-owned OMCs, prices of both the auto fuels were hiked by 35 paise per litre pushing the total increase in rates on petrol to Rs 36 per litre and on diesel to Rs 26.58 since early May 2020 when taxes on the two fuels were raised to record levels.

After the latest rate revision, price of diesel has breached Rs.100-a-litre mark in nine districts of Nagaland—Tuensang, Kiphire, Noklak, Mon, Phek, Zunheboto, Longleng and Mokokchung. (See table), while petrol is above Rs.100-mark across the state.

According to a PTI report, the government had raised excise duty on petrol and diesel to mop up gains that would have otherwise accrued to consumers from international oil prices crashing to as low as USD 19 per barrel. While international prices have since recovered to USD 85, excise duty has remained at Rs 32.9 per litre on petrol and Rs 31.8 on diesel.

Oil Minister Hardeep Singh Puri on Friday equated demand for cutting excise duty to ‘axing one’s own feet’, saying such levies funded government schemes to provide free COVID-19 vaccines, meals and cooking gas to millions amid the pandemic.

The increase in fuel prices has stoked concerns over inflation as diesel is the mainstay fuel used for transporting goods, including agri commodities.

The latest increase that follows the unrelenting hike in international oil prices has pushed pump rates across the country to their highest-ever levels.

The total increase in petrol price since May 5, 2020 decision of the government to raise excise duty to record levels now totals Rs 35.98 per litre. Diesel rates have during this period gone up by Rs 26.58 per litre.

Source: http://www.nagalandpost.com/fuel-prices-soar-to-new-all-time-highs/242956.html