In sharpest dip, petrol and diesel prices fall for 11th consecutive day


New Delhi, Jun 9 (Zee News): After reaching record highs, fuel prices on Saturday continued its downward streak with petrol rates falling by 40 paise per litre and diesel rates being cut by 30 paise per litre.

While fuel prices have been steadily falling for 11 days now, the reductions were mostly much slower when compared to how prices were being hiked previously. Saturday's cut though is the biggest in last several days even though prices remain considerably high.

In Delhi, a litre of petrol will cost Rs 77.02 per litre while diesel would be at Rs 68.28 - significantly lower than Rs 77.42 per litre and Rs 68.58 per litre from Friday.

Similarly, the rates in other major metro cities like Mumbai (Rs 84.84 and Rs 72.70), Kolkata (Rs 79.68 and Rs 70.83) and Chennai (Rs 79.95 and Rs 72.08) were lower than Friday's figures.

The demand for bringing fuel prices under GST though is unlikely to subside because the existing prices across the country are still at all-time highs. While the government has said that it is considering the proposal to include the prices in GST, it has also blamed international factors for prices oil companies fix on a daily basis. The opposition though has repeatedly torn into the government for keeping excise taxes high and not providing enough relief to the common man.

  

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Comment on this article

  • SMR, Karkala

    Sat, Jun 09 2018

    Why hasn't the government included petrol and diesel in the Goods and Services Tax (GST) regime? The reason is obvious. Under GST, the maximum tax slab is that of 28 per cent whereas the government is collecting much higher taxes by keeping petrol and diesel out of GST. This obviously puts a question mark on government's intentions.
    Since the government continues to keep petrol and diesel out of GST's purview, a petition has been filed before the Madurai bench of Madras High Court, to include petrol and diesel under GST. If the government were to do this then at the maximum tax slab of 28 per cent, the per litre retail prices of petrol and diesel would come down to Rs 43 and Rs 37, respectively.
    Modi government's accountability is far greater than the previous UPA government because during the fag end of Manmohan Singh's second term, the international oil prices had touched $150 a barrel, almost double than today's prices. If you consider the example of petrol and diesel prices in Delhi today - Rs 76 and Rs 68.08 per litre respectively, the highest recorded ever - petrol prices had last reached the Rs 76 per litre mark on September 14, 2013, when crude oil prices were hovering around $108-$115 per barrel.
    As per the revenue collection projections of the Union finance ministry, the government hopes to generate over Rs 2.579 lakh crore by the end of this fiscal by levying taxes on petroleum products alone, a massive jump from the gross revenue collection of Rs 88,600 crore in 2013-14.

    If a litre of petrol will cost Rs 77.02 per litre the Oil refinery is paying only Rs 31/ltr. For a set a target Rs 2.579 lakh crore by the end of this fiscal by levying taxes on petroleum products is the best of option to offset the bank loot by its corporate billionaire friends.
    Whatever may be the dip PM Modi government is failed in passing the benefits of low oil prices to the citizens of India.

    Jai Hind

    DisAgree Agree Reply Report Abuse

  • mahesh, Mangalore

    Sat, Jun 09 2018

    funny to see sikulars not able to digest the petrol price decease.
    Now they cannot even protest.

    DisAgree [7] Agree [2] Reply Report Abuse

  • J N Lobo, Mumbai

    Sat, Jun 09 2018

    Good to see sickulars have now become sikulars ! Some improvement !

    DisAgree Agree [1] Reply Report Abuse

  • El En Tea, Mumbai

    Sat, Jun 09 2018

    What is this first One Paisa
    Then 5 paise, 25 paise now 30 paise
    While increasing 2 rs 4 rs in rupees.

    DisAgree [2] Agree [7] Reply Report Abuse

  • Deva, Pilar

    Sat, Jun 09 2018

    BJP style of Calculation

    DisAgree Agree [1] Reply Report Abuse

  • mohan, Mangalore

    Sat, Jun 09 2018

    While increasing 4 rupees 5 rupees .. not while divesting in 12 days only 40 Paise.... it's just fooling brainless people..... and now rain started evaporation is less... so it's not government trying to refuse.. it just a market profit bus... so don't fool people..

    DisAgree [1] Agree [7] Reply Report Abuse

  • Ivar, Mangalore

    Sat, Jun 09 2018

    Why you guys have itching when I appreciate Modiji?
    You dis not have any second thoughts while blaming him for the price hike...why shouldn't I thank him for the drop in price?
    Fuel price is not the problem for you guys. For you the problem is with Modi who has put a hurdle for your inbound funds for malevolent intentions.

    DisAgree [13] Agree [5] Reply Report Abuse

  • geoffrey, hat hill

    Sat, Jun 09 2018

    Would you appreciate a thief who steals 100 rupees from you and returns 25, that too after you've found out that he has stolen from you? Well, you are entitled to your opinion, but as this happens to be a public domain, readers do react. I don't know about others, but I for one am totally at sixes and sevens with regard to your ' funds for malevolent intentions' . Appreciate if you could please elaborate

    DisAgree [1] Agree [4] Reply Report Abuse

  • Ivar, Mangalore

    Sat, Jun 09 2018

    Elaborate malthunda galaate aavu. I am a peace loving person you now.

    DisAgree [6] Agree [2] Reply Report Abuse

  • mahesh, Mangalore

    Sat, Jun 09 2018

    are you comparing Govt to a thief?
    if so, eloborate on it.

    DisAgree [5] Agree Reply Report Abuse

  • geoffrey, hat hill

    Sat, Jun 09 2018

    If someone takes away something that rightfully belongs to you, that someone is called thief and the government isn't denying that the current prices of petroleum products unjustified, all they are saying that they are working it out. Working out until prices come down automatically due to increase in shale oil production by US and even then if you give credit to Modi, well, there's nothing I can say.

    DisAgree Agree [4] Report Abuse

  • Sandesh, Mangalore, Oman

    Sat, Jun 09 2018

    Oh sharper than knife edge !! BJP bhakts are lucky

    DisAgree Agree [5] Reply Report Abuse

  • mahesh, Mangalore

    Sat, Jun 09 2018

    Acche din

    DisAgree [13] Agree [4] Reply Report Abuse

  • Ivar, Mangalore

    Sat, Jun 09 2018

    Thank you Modiji.

    DisAgree [20] Agree [5] Reply Report Abuse

  • geoffrey, hat hill

    Sat, Jun 09 2018

    For what? Modi's cut still remains the same. It's because US shale oil output has increased and demand from China has dropped.

    DisAgree [4] Agree [9] Reply Report Abuse

  • mahesh, Mangalore

    Sat, Jun 09 2018

    If Modi doesnt deserve credit for the price drop, how come there were protests for price rise?
    You cant have it both ways.

    DisAgree [8] Agree [7] Reply Report Abuse

  • Paul, Mangalore

    Sat, Jun 09 2018

    For what??? Rising prices 10Rs in 3 days & bringing down price 40 Paise in 11 Days...Looks like you dont know calculations...Andh Bakth

    DisAgree [4] Agree [14] Reply Report Abuse

  • Ratnakar P.S, Mangalore, Bangalore

    Sat, Jun 09 2018

    Not the calculation problem, he should sell his old bicycle and buy one TVS two wheeler.

    DisAgree [2] Agree [3] Reply Report Abuse

  • RAGHUCHANDRA, MANGALORE

    Sat, Jun 09 2018

    Provide Petrol and Diesel prices in Mangalore without adding political tone.......

    DisAgree [1] Agree [9] Reply Report Abuse


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