Fuel prices were once again increased on Saturday, pushing the diesel price beyond Rs 100 mark. With the price hike, diesel now cost Rs 100.08 per litre. Petrol price has also increased to Rs 110.92 per litre while CNG prices have remained stable.
Petrol crossed Rs 100 in May this year. On Thursday, petrol prices went above Rs 110 per litre while CNG prices also increased by 2.6 per kg.
The incessant hike in petrol and diesel prices is likely to impact transportation rates. Transport associations have asked the central government to fix the same transportation rates for the entire country.
Baba Shinde, director of All India Motor Transport Congress (Maharashtra) said that the meetings are being held with the central government by the representatives of the All India Motor Transport, an apex association of the transporters in the country.
CNG users are the most disappointed with the price hikes as what was once the “affordable fuel” refuge has now begun to walk the fossil-fuel path of regular price hikes.
Sources earlier told that Ogra had been strictly asked to keep its recommendations confidential as the government may have to go beyond its calculations for price increase to gradually start recouping revenue loss on account of lower that targeted petroleum levy.
The government had raised the price of petrol by Rs4 per litre at the start of the month.
Petrol and HSD are two major products that generate most of revenue for the government because of their massive and yet growing consumption in the country. Average petrol sales are touching 750,000 tonnes per month against the monthly consumption of around 800,000 tonnes of HSD. The sales of kerosene and LDO are generally less than 11,000 and 2,000 tonnes per month, respectively.
Under the revised mechanism, oil prices are revised by the government on a fortnightly basis to pass on international prices published in Platt’s Oilgram instead of previous mechanism of monthly calculations on the basis of import cost of the Pakistan State Oil.
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