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  1. 10 in a row: Petrol price continues to surge, nears Rs 85 in Mumbai; government hints at duty cut relief

10 in a row: Petrol price continues to surge, nears Rs 85 in Mumbai; government hints at duty cut relief

In the tenth straight day of fuel price hike, petrol prices crossed Rs 77 per litre for the first time in Delhi and diesel recorded new highs.

By: | Published: May 23, 2018 11:00 AM
The petrol prices are at Rs 77.17 a litre in Delhi today.

In the tenth straight day of fuel price hike, petrol prices crossed Rs 77 per litre for the first time in Delhi and diesel recorded new highs. Petrol and diesel prices were revised upwards in the range of in range of 14-34 paise a litre and 21-31 paise a litre, respectively,  in various cities today. The government is soon expected to come up with measures to contain surging fuel prices and provide relief to the consumers. The petrol prices were at Rs 77.17 a litre in Delhi, Rs 79.83 a litre in Kolkata, Rs 84.99 per litre in Mumbai and Rs 80.11 per litre in Chennai, according to Indian Oil Corporation website. The diesel prices were at Rs 68.34 a litre, Rs 70.89 a litre, Rs 72.76 a litre and Rs 72.14 a litre respectively.

We are very seriously taking increase in fuel prices and working on the situation at the highest level, BJP chief Amit Shah said on Tuesday. The government will come up with a solution in three-four days, he added.

PTI reported citing unidentified officials that the government will work on an appropriate solution to ease the burden on common man in wake of record fuel prices creating a crisis situation.

“I have loudly spoken about concerns (about high oil prices),” Oil Minister Dharmendra Pradhan said, adding that “appropriate steps” will be taken.

There is no direction from the government for moderating prices and the three week hiatus before the Karnataka poll was to avoid sharp spike in retail rates, Indian Oil Corp (IOC) Chairman Sanjiv Singh told PTI.

“We believed that fundamentals did not support such sharp spikes witnessed so we decided to moderate prices,” he told press conference on the fourth quarter earnings yesterday. Asked what changed their mind, he said fuel retailing runs on narrow margins and no company can continue to sell at below cost for long.

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