Petrol, diesel prices rise for 16th consecutive day; government mum on solution

29 May 2018, 01:23 PM
Petrol, diesel prices rise for the 16th consecutive day; govt yet to come out with solution (PTI Photo)
Petrol, diesel prices rise for the 16th consecutive day; govt yet to come out with solution (PTI Photo)

Burning a hole in public’s pocket, the prices of petrol and diesel continued to skyrocket on the 16th consecutive day on Tuesday. Petrol crossed Rs 86-mark for the first time in the country and was being sold at Rs 86.24 per litre in Mumbai. In Delhi, petrol touched Rs 78.43 per litre.

The prices of Diesel also continued their upward trend and stood at Rs 69.31 per litre in Delhi and Rs 73.79 per litre in Mumbai. With Tuesday’s hike, the fuel prices crossed all records and touched a new high after Narendra Modi government took over the office in 2014.

The prices of the two key petroleum products -- petrol and diesel -- are soaring due to the high excise duty levied by the central and state governments. Another reason for the hike in fuel prices was the rise in crude oil cost in the international market.

The Modi government, which came to power with the promise of cheap fuel prices, was yet to provide a “solution” to control rising fuel prices.

Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan claimed that the government was working towards a "holistic strategy" to find a long-term solution.

However, his colleague and Union Minister Nitin Gadkari had said that the fuel price hike was “unavoidable” and any cut in fuel price will take away the money from social welfare schemes.

CNG price also hiked in Delhi-NCR

Meanwhile, CNG price in the national capital was also hiked by Rs 1.36 per kg as input raw material got costlier because of rupee depreciation and rise in natural gas price.

CNG will cost Rs 41.97 per kg in Delhi with effect from Tuesday following the price increase, Indraprastha Gas Ltd said in a statement on Monday.

In adjoining Noida, Greater Noida and Ghaziabad, rates were increased by Rs 1.55 to Rs 48.60 per kg.

First Published: Tuesday, May 29, 2018 08:49 AM
For all the latest Business News Download the News Nation App available on Android and iOS.