Petrol prices in Zimbabwe which are ranging between $1.40 and $1.56 per litre while diesel costs between $1.30 and $1.33 per litre, are expected to drop following the move which comes into effect today. Ever since fuel prices have been rising on a daily basis. Modi and other senior leaders of the BJP had given grief to the then UPA government for the rise in petrol prices.
Union oil minister Dharmendra Pradhan on Sunday said his ministry is trying to bring petrol and diesel under the purview of the Goods and Services Tax (GST). Similarly, petrol prices in Kolkata and Chennai have gone up and are within kissing distance of Rs 75 - diesel prices are around Rs 66.
According to The Hindu Business Line, there is growing pressure on both the Centre and the states to lower taxes on the two fuels and bring them under GST. This despite the fact the crude prices in worldwide market was over $100 per barrel.
A liter of petrol costs 72.23 rupees ($1.13) while diesel is sold at 63.01 rupees.
New Year surge in fuel prices continues in the country as the worldwide crude oil prices rallied higher.
Mumbai is bearing the maximum burden of the rise in global oil prices.
In October 2017, when petrol price had reached Rs 70.88 per litre in Delhi and diesel was priced at Rs 59.14, the government had lowered excise duty by Rs 2 per litre. Diesel in Mumbai retail outlets was selling at Rs67.10 today. Last Thursday, the GST Council meeting deferred the agenda on fuel prices to its next meeting.
With fuel prices starting to pinch customers, the Union oil ministry may be looking to cut excise duty on petrol and diesel in the upcoming Union Budget 2018.