Published: Mon, September 17, 2018
Markets | By Otis Pena

Karnataka government cuts Petrol, Diesel prices by Rs 2/litre

Karnataka government cuts Petrol, Diesel prices by Rs 2/litre

In Parbhani, where the fuel prices are the highest in the country, petrol cost Rs 91.15 a litre, while diesel cost Rs 78.86.

A combination of a dip in rupee value against the USA dollar and rise in crude oil prices has led to a spike in pump prices since mid-August. In Mumbai, petrol prices have inched closer to Rs 90 per litre. The revised price of petrol was recorded at Rs 89.44/litre.

In Parbhani district of Maharashtra, petrol was sold at Rs. 91.40 and diesel at Rs. 79.09, the highest in the country.

The fuel prices are likely to go up further as the price of Brent crude was still hovering over $78 a barrel, while the rupee is pegged around $72 a dollar.

In tandem with petrol prices, cost of diesel also scaled new highs.

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India imported crude oil worth Rs. 2,640,30 crore (over $39 billion) between April and July 2018, according to data provided by the Petroleum Planning and Analysis Cell.

Ahead of Lok Sabha elections next year and assembly elections in several states, pressure is now building up on other state governments to cut fuel prices.

Sources said the CM instructed the finance department last week to consider reducing fuel prices. The diesel touched Rs 73.78/litre, up 6 paise for a litre from September 16.

Increased fuel prices have triggered the demand for reduction in taxes levied on fuel prices, besides bringing it under the ambit of goods and services tax (GST). In July, Kumaraswamy had made a budgetary announcement to increase taxation on petrol and diesel by 2% each. State-owned oil firms have been revising fuel prices every day since October 2017.

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