Monday, 15 October, 2018

Petrol, diesel prices scale new highs on rupee woes

High oil prices to worsen India's loan bill Petrol price hits record high of Rs 80.38 per litre in Delhi; diesel at Rs 72.51 per litre
Laurie Berry | 10 September, 2018, 18:44

Mumbai: As the prices of petrol and diesel are on a constant rise, Shiv Sena protested against the fuel price hike in Mumbai.

Naidu accused the NDA government at the Centre of misleading the people by attributing the steep hike in the prices of petrol and diesel to growing crude oil prices globally. Both petrol and diesel prices increased by Rs 0.23/litre, reaching a new high of Rs 88.12/litre and Rs 77.32/litre, reported The Indian Express. According to petroleum dealers in the State, compared to Friday's price, petrol on Saturday cost 41 paise more while diesel price rose 48 paise a litre. The increase pushed the petrol price in Delhi to Rs 80.50 per litre. That it is unpopular is evident by the Rajasthan government's decision, ahead of an assembly election, to reduce local taxes on petrol and diesel. Two, it insulates fuel prices from competitive politics. The spike in prices has renewed calls for cut in excise duty but Finance Minister Arun Jaitley has remained non-committal, saying global oil prices are volatile and have not shown any linear movement.

"Since the central government is not responding on (reducing the) petrol prices, Naidu is doing the exercise to give relief to the public", sources in the TDP said.

Apple should make its products in United States to avoid tariff hit
Trade Representative's office continues to "run their process", White House Deputy Press Secretary Lindsay Walters said on Friday. Apple said the proposed tariffs would lead to lower USA growth and competitiveness and higher prices for US consumers.

In Andhra Pradesh, the Value added tax or VAT has been among the highest anywhere - 35.77 per cent for petrol, next only to Maharashtra and Madhya Pradesh, and 28.08 per cent for diesel, the highest in the country.

Meanwhile, Andhra Pradesh chief minister N Chandrababu Naidu has announced a reduction in petrol and diesel price by Rs 2 each in the state, with effect from September 11. "The state will lose revenue of Rs 1,120 crores due to this reduction in price and in spite of the financial difficulties the state is in, we are willing to bear it", Naidu said.

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