Fuel prices witness all-time record hike

By Sharmita Kar

Petrol price witnesses an unusual hike as it crosses Rs 90 mark, as fuel prices rise to reach an all-high across the country.

In the national capital, petrol price was pushed to Rs 83.73, and diesel to Rs 75.09. In Mumbai, petrol now costs Rs 91.08, while diesel costs Rs 79.72.

Prices have been rising since mid-August and have risen by more than Rs 6. Even LPG rates have hiked breaching the Rs 500 margin for the first time in four years.

 

On October 4, Union Finance Minister Arun Jaitley announced a cut-down of Rs 2.50/ltr in petrol and diesel with immediate effect. The Centre will bear the burden of Rs 1.50 per litre, while oil marketing companies (OMCs) will absorb another Re 1 in cost.

BJP-ruled states like Gujarat, Maharashtra, Uttar Pradesh, Assam, Tripura, Madhya Pradesh have followed suit. However, states like Kerala, Karnataka and West Bengal have refused to cut taxes.

The Oppositions have found in it a new fault of the Centre. The Congress-led UPA government criticised the Modi government by tweeting out from its official Twitter page with the hashtag petrolchormodi.

The rising global oil prices have also affected the Indian currency to slip to a fresh low of Rs 73.81 per dollar. The government has reduced taxes after fuel prices kept rising to record highs.

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