Petrol price to rise by 5 cents

Gladys Abbott
September 3, 2018

Petrol is being sold at Rs 53.88 per litre ($0.64 a litre) in the U.S. while diesel at Rs 58.9 ($0.83 a litre). New Pakistan Prime Minister Imran Khan last week announced a cut in petrol, diesel and kerosene oil prices to contain the rising inflation.

Prices in the capital city are Rs 79.15 for petrol and 71.15 for diesel.

The excise duty has remained unchanged for the past four months but the Value-Added Tax applied on diesel today is Rs 10.12 per litre and that on petrol is Rs 16.42 per litre. Petrol is Rs 119.9 per litre (5.91 pound a gallon) while diesel was priced at Rs 121.8 (6.03 pound per gallon) in London.

Diesel now costs Rs?75.54 per litre in Mumbai.

These prices vary significantly from state to state depending on various tax levies and cess.

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On Sunday, retail rates of fuel had witnessed a hike with petrol being sold at Rs 78.84 per litre and diesel at Rs 70.76 per litre in New Delhi.

Meanwhile, Maharashtra transporters, burdened with diesel price hikes for a fortnight, have threatened to agitate and increase freight rates by 10-15% if there is no control or reduction in rates.

Officials said the spike in rates is on account of exchange rate falling to a record Rs 71 to a dollar, depreciating by Rs 2.5 in a month.

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the U.S. dollar.

The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining United States dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies. The consumer price of PNG to the households in Delhi has been increased to ₹28.25 per scm, while same in Noida, Greater Noida and Ghaziabad would be ₹30.10 per scm, which has been increased by ₹1.26 per scm.

Other reports by LeisureTravelAid

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