Increasing Continuously Fuel prices reach new high

High oil prices to worsen India's loan bill

High oil prices to worsen India's loan bill

According to reports, the Centre imposes a total of Rs 15.33 per litre of the excise duty on diesel and Rs 19.48 on petrol. As per reports, petrol and diesel prices have increased by Rs 2.85 per litre and Rs 3.3 per litre respectively since August. Opposition parties have called for a nation-wide "Bharat Bandh" on Monday (September 10) to protest against the spiralling fuel prices. A similar hike was seen in the case of diesel, now retailing at Rs 75.68/litre.

According to oil companies, petrol at refinery gate costs around Rs 40.50 a litre and diesel Rs 43.

Union Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier blamed global factors for the hike in fuel prices, and said that one major reason for the rise in petrol and diesel prices was the depreciation of the Indian rupee against the USA dollar. Notably, the rapid fuel price hike in the country is caused due to a combination of rising in crude oil rates and fall of the Indian rupee against the USA dollar. Fuel prices in Delhi are the cheapest among all metros and most State capitals due to lower taxes.

Boris Johnson proposes Trump-style tax cuts to boost United Kingdom economy
Alan Duncan, a minister at the Foreign Office, saying it marked "one of the most disgusting moments in modern British politics". Fellow Tory Sir Alan Duncan MP said his comments served as further proof Johnson should not be considered as a future PM.

The price rise in petrol was slightly lower in Kolkata in comparison of other metropolitan cities.

"The way the prices are increasing with each passing day, it seems that it would cross Rs. 100 per litre". They blame the government's unwillingness to cut excise duty for the high fuel prices and consumer burden. On Tuesday, former Finance Minister P Chidambaram had tweeted: "Relentless rise in prices of petrol and diesel is not inevitable. If taxes are cut, prices will decline significantly". Delhi charges a Value-Added Tax of 27 per cent on petrol and 17.24 per cent on diesel.

Truckers would stage demonstrations across districts to protest against rising diesel and petrol prices, apex transporters' body AIMTC said on Friday.

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