Petrol breaches Rs 80 mark, on a 4-year high in Kol

Longest run of supermarket fuel price rises for over three years

In Bengaluru petrol prices hovering at Rs 79.40 per litre on Monday, an increase of Rs 2.57 compared to May 18 prices, while, Diesel retailing at Rs 69.93 per litre an increase of 0.68 paise compare to May 22 price.

In addition, price in Kolkata inched up to Rs 80.76, against 80.61 per litre on the previous day.

True, the OPEC policy on supply of crude oil is the primary reason for the fluctuation in the price of petroleum products but the Congress led UPA government succeeded in maintaining the oil prices at even keel despite crude price fluctuations so that citizens are not abnormally hard hit.

Prices of the key transportation fuel in the other major cities of Kolkata, Mumbai and Chennai were at Rs 80.47, Rs 85.65 and Rs 80.80 a litre, up Rs 3.15, Rs 3.17 and Rs 3.37 from the levels on May 13, according to the data on the International Olympic Committee website.

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However, consumers can expect some relief as the Brent crude oil prices fell to around $78 from $80 per barrel on Friday. "Central government saves Rs 15 on every litre of petrol due to fall in crude oil prices". Instead, he plans on asking the state governments to reduce Value-Added Tax on petroleum products to bring relief in the prices while the Centre thinks over a long term solution. Earlier, it was reported that the government may levy a windfall tax on oil producers like ONGC as part of a permanent solution to rising petrol and diesel prices.

The last time Kolkata saw petrol prices move up beyond the Rs-80 mark was in 2014. The oil marketing companies were restrained from passing on the small hike in the price of LPG to the consumers. We should remember that NDA government raised excise duty on nine occasions between November 2014 and January 2016 increasing its excise collections from mere Rs 99,184 crore in FY 15 to Rs 2,42,691 crore on FY17 and nearly similar collections in FY 18.

Bharatiya Janata Party (BJP) president and Rajya Sabha MP, Amit Shah, on last Tuesday, assured that the government will come up with a solution within two to three days. Global oil prices are near $80/barrel, extending their rally on the likely return of sanctions on Iran, India's third largest supplier.

On September 17 of 2017, he said: We have appealed to all the states and finance ministry (to bring petroleum items under GST).

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