There seems to be no respite from rising fuel prices as petrol prices were hiked to new all-time high on Friday. In financial capital Mumbai, petrol prices were hiked to Rs 89.69, inching closer to the 90-mark. Petrol prices has been increased to Rs 82.31 per litre in Delhi, implying a hike of 9 paise. In Kolkata, petrol is now selling for Rs 84.16 and in Chennai, the price has been raised to Rs 85.83. The revised rates are applicable from 6 am this morning. The oil marketing companies (OMCs) kept the fuel prices unchanged on Wednesday for the first time since September 12. However, the hike continues after a short pause.
In a bid to provide relief from soaring prices, the Maharashtra government may increase excise duty on Indian-made foreign liquor (IMFL) to compensate for a possible cut in tax on petrol and diesel. “The idea is to increase the excise duty on IMFL, especially on the largely consumed mid-segment liquors, so that government would earn more revenue. Then we can reduce taxes on petrol and diesel and counter the criticism (of soaring fuel prices),” PTI reported the unidentified official as saying.
Meanwhile, oil prices have pulled back from recent highs after U.S. President Donald Trump urged OPEC to increase production at its meeting in Algeria. U.S. light crude was down 0.1 percent at $70.22 a barrel. Brent crude oil were little changed at $78.72 a barrel. Yesterday, Trump called on the Organization of the Petroleum Exporting Countries (OPEC) to lower prices, saying on Twitter “they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices.”