Monday, 12 November, 2018

Fuel price hiked again, LPG to cost Rs 502.4 per cylinder

The government has raised the excise duty on petrol and diesel nine times before its single reduction of Rs 2 per litre last year The government has raised the excise duty on petrol and diesel nine times before its single reduction of Rs 2 per litre last year
Nellie Chapman | 02 October, 2018, 16:11

The price of petrol, diesel and LPG continued to soar on Monday with petrol rates breaching the Rs 91 mark in Mumbai. In Delhi, a litre of petrol costs Rs 83.85 (up by Rs 0.12), while diesel is being sold at Rs 75.25/litre (up by Rs 0.16). In Chennai, petrol and diesel prices stood at Rs. 87.18 per litre and Rs 79.57 per litre respectively. Apart from petrol, Diesel also witnessed a significant hike on Monday.

The increase in transport fuel rates comes amid surging crude oil prices. Brent crude oil climbed to $83.27, up from $71 five weeks back, while the rupee lost ground against the dollar by 5-6 per cent during the same period, resulting in expensive crude imports. In Kolkata, petrol and diesel prices were at Rs. 85.65 per litre and Rs 77.10 per litre respectively. The fuel prices are the highest in Maharashtra due to heavy Value-Added Tax levied by the state government. Also, LPG rates were hiked by Rs 2.89 per cyclinder and now cost Rs 502.40.

"The increase is mainly on account of GST on revised price of Domestic Non-Subsidised LPG", the statement said. The subsidy transfer in customers' bank account has been increased to Rs.376.60 per cylinder in October 2018 as against Rs. 320.49 per cylinder in September 2018. Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes.