Bringing petrol, diesel under GST will lower prices: Devendra Fadnavis

Fuel prices record 13 revisions since last November

Petrol costs Rs 76.17 per litre in Delhi while diesel sells for Rs 68.34. Setting a new benchmark, this is the all-time high prices of petrol in Maximum City.

"Maharashtra got in the four years of this central government what the state couldn't get in the past".

"The oil price has increased by $30 a barrel since last July as a result of OPEC (the Organisation of the Petroleum Exporting Countries) and Russian Federation limiting production to reduce an oversupplied market". Opposition leaders have criticised the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world's biggest economies.

The retail price of petrol touched Rs85.29 a litre in Mumbai today as oil PSUs extended price revisions for the eleventh straight day after a 19-day break for the Karnataka polls till 14 May. After all, the Modi government has to build up its war chest for the all-important 2019 general elections. Unfortunately, that luck has not stayed for long. Even after discount, ONGC's net realised price on crude oil would be higher than $56 which it earned per barrel in fiscal 2017-2018.

Taking to Twitter, Rahul urged Prime Minister Modi to take up the "fuel challenge" to reduce the skyrocketing fuel prices. The price of petrol charged to dealers during 2014 was Rs. 47.18 per litre while the current charge is Rs. 37.19.

Fuel prices record 13 revisions since last November
It's 85.57 per liter Petrol Price in Nagpur after today's hike

The revisions continued till just before the general elections in 2004 when oil companies went slow and after a Congress-led UPA came to power the entire process was reviewed as the worldwide oil prices started moving up. "Global prices are going up".

However, it has been suggested that it could creep up too $100 (£75) a barrel, which would be the first time since August 2014. The official said the exact price cap hasn't been determined as ONGC has asked for a higher price to fund its capital expenditures for the next two years. At present, the government subsidy is limited to cooking gas, LPG and kerosene with transport fuels petrol and diesel out of its ambit. Fuel taxes are a percentage of prices which means that the government tax taxes go up correspondingly. This is a massive leap from the gross revenue collected in 2013/14 which amounted to 88,600 crores. Petrol was hiked by 36 paise to Rs 85.65 per litre in Mumbai.

"Central government saves Rs. 15 on every litre of petrol due to fall in crude oil prices".

As protests against rising petrol and diesel prices grow, the government has said that it is working on finding a "long-term solutions".

Each morning now, Vise can be seen galloping from house to house to deliver milk on a horse he says he bought for Rs 25,000.


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