Petrol, diesel prices hiked for 16th straight day

Employees at a petrol Pump in Kolkata on Saturday as the fuel prices remain at record high level

Retail fuel prices in India continue to burn a hole in pockets, with the cost of petrol increasing for a 15th consecutive day on Monday to touch a new high of Rs 78.27 a litre in Delhi, up from Rs 78.12 per litre a day before. Petrol price has been hiked by Rs 3.49 per litre since May 14 and diesel by Rs 3.13 a litre. Rs 86.24 (Mumbai) and Rs 81.43 (Chennai), according to the Indian Oil Corporation (prices at bunks of other fuel companies may vary by a few paise).

"Given that these revenue if foregone will not impact states fiscal position, we estimate that on an average, states can cut petrol prices by Rs 2.65/litre and diesel by Rs 2/litre, if the entire revenue gain was to be neutralised".

The incessant hike in petrol and diesel prices has been mostly due to rise in crude oil prices and the high taxes - excise duty and VAT - levied on fuels. This city would be third to clock over Rs 72 per litre rate after Mumbai and Chennai respectively. The revised prices came into effect at 6 am today.

While the price of petrol rose by 16 paise (0.2 per cent) to reach Rs 78.95 in Gurgaon, price in Faridabad also increased by 16 paise (0.2 per cent) to Rs 79.19, by 12 paise (15 per cent) to Rs 78.75 in Ghaziabad, and by 13 paise (0.17 per cent) to Rs 78.87 in Noida.

A litre of petrol now costs 141c on average - a rise of more than three cents when compared with last month's figure of 137.6c. On Sunday, it was sold at Rs 80.76 a litre.

More news: Which Starbucks locations are closed for racial-bias training May 29?

He also said that the weakening of the Indian rupee against the United States dollar was causing the fuel price hike. "This is the most plausible scenario under the current circumstances", the report said.

Amid the rise in fuel prices, crude oil futures fell 2.73 per cent to Rs 4,485 per barrel on Monday, in line with the weak trend overseas as the market eyed an increase in output from top crude producers - Russia, the U.S., and Saudi Arabia.

The prices are at an all-time high.

These fuel prices put the United Kingdom 10th among European Union member states for the price of fuel.

The petrol price in the country's financial capital breached the Rs 86-a-litre mark on Monday as fuel prices across the country increased for the 15th day in a row after the resumption of the dynamic pricing system on 14 May.

Related News:

  • Fresh elections in Italy 'by start of 2019'

    Fresh elections in Italy 'by start of 2019'

    The prospect of Italy's government going on a spending spree on promised tax cuts and welfare benefits roiled markets last week. Blocking a ministerial choice is beyond (the president's) role", Alessandro Di Battista, a top 5-Star politician, said.
    China Won't Publicly Congratulate Maduro on Venezuelan Election Fraud

    China Won't Publicly Congratulate Maduro on Venezuelan Election Fraud

    It appears to target in part Citgo [PDVSAC.UL], a US -based oil refiner owned by Venezuela state oil company PDVSA [PDVSA.UL]. The vote was marred by an opposition boycott and allegations of fraud, which led the USA to tighten sanctions .
    30-year-old man ordered to move out of parents' home

    30-year-old man ordered to move out of parents' home

    In one note sent on 18 February, they wrote: 'There are jobs available even for those with a poor work history like you. The couple and their legal advisers have been instructed to present an eviction notice for the court's approval.
  • Trump says North Korea summit could still happen

    Trump says North Korea summit could still happen

    The recent statements also made clear Pyongyang would not accept the United States' demands for its "unilateral" denuclearization. "Everybody plays games", said Trump , who often boasts about his own negotiating tactics and skill.
    Klopp hails Real Madrid; plots upset in UCL final

    Klopp hails Real Madrid; plots upset in UCL final

    Ronaldo is looking to join an esteemed group of 10 players to win five European Cups by scoring in his fourth separate final. James Milner returns to the team after missing out on the final Premier League game of the season with a muscle problem.
    Trump Lists Michael Cohen Payment on Financial Disclosure

    Trump Lists Michael Cohen Payment on Financial Disclosure

    Though it was published three decades ago, Trump's "The Art of The Deal" past year generated as much as $1 million. But campaign finance law treats personal loans as contributions and the $5,400 limit would have applied.
  • Tom Cairney expects promotion to help Fulham keep their best players

    Tom Cairney expects promotion to help Fulham keep their best players

    Ream's only Premier League experience came in 13 games for Bolton Wanderers in 2012, after he left the New York Red Bulls in MLS. Brighton, Huddersfield, and Newcastle all stayed up and kept the members of the squad that got them to the top flight.
    Cavs trounce Celtics to force Game 7

    Cavs trounce Celtics to force Game 7

    James was simply sensational, posting 46 points, 11 rebounds, nine assists, a block and three steals in 46 dominant minutes. Game 7 of the series is Sunday night in Boston, with the victor meeting either Houston or Golden State in the NBA Finals.
    Mike Budenholzer to be named new head coach of Milwaukee Bucks

    Mike Budenholzer to be named new head coach of Milwaukee Bucks

    And according to David Aldridge of NBA.com , Budenholzer isn't going to be the only fresh face with a suit on for the Bucks. The Bucks originally fired their head coach, Jason Kidd , on January 22 due to a lack of on the court results.
  • Fred: Man Utd & Man City interested - Shakhtar Donetsk midfielder

    Fred: Man Utd & Man City interested - Shakhtar Donetsk midfielder

    Lazio's Sergej Milinkovic-Savic and Willian from Chelsea are also understood to be on Mourinho's transfer shortlist. Fred is pretty quick and that would definitely prove handy for Manchester United in the fast-paced Premier League .
    Top 5 Details from the Harvey Weinstein Criminal Complaint

    Top 5 Details from the Harvey Weinstein Criminal Complaint

    Vance made the decision even though he had a covert police recording of Weinstein telling Gutierrez he would not do it again. The former film mogul's attorney, Ben Brafman, takes questions after Harvey Weinstein was released on bail. "Mr.
    Antoine Griezmann secures 'dream' Europa League triumph with Atletico Madrid

    Antoine Griezmann secures 'dream' Europa League triumph with Atletico Madrid

    At the end of the match Costa in the counterattack found Gabi, and he scored his first t-shirt "Atletico" in 2015. They will receive €10.3 million in total for their run in the Europa League.


Most liked

Indiana School Shooting: Hero Teacher Recovering After Tackling Student Gunman
His brother wasn't shocked that Jason intervened, telling the Indianapolis Star , "It's not surprising, to be honest". Following a lockdown at the middle school due to the shooting, students were taken by bus to Noblesville High School.

LeBron scores 46 against Celtics as Cavs force Game 7 in Boston
The Cavs didn't miss Love much, after he banged heads with Tatum in the first quarter and was ruled out for the night at halftime. In what could be his final game in Cleveland , James played 46 minutes and erupted for 46 points on 17-for-33 shooting.

Irish Catholics interpret support for abortion as ‘anti-church vote’
Anti-abortion activists conceded defeat early on Saturday as their opponents expressed astonishment at the scale of their victory. Women celebrate the result of yesterday's referendum on liberalizing abortion law, in Dublin, Ireland , May 26, 2018 .

Tropical storm warning posted for Sarasota, Manatee
By midday Sunday, the US Southeast was seeing 50-mile-per-hour (80-km-per-hour) winds and up to 10 inches of rain in some places. Meteorologists are calling it a "subtropical storm", not to be confused with the just plain tropical storms we know and dread.

Rockets’ upset hopes hang on Chris Paul's hamstring
After failing to make a shot from the field in the first half, Rockets guard Chris Paul had a hot streak of three-pointers. They lost the pivotal Game 5 , putting Houston in the driver's seat to advance to the NBA Finals.

First named storm of season forms
The system is expected to intensify during the weekend and will likely consolidate into a tropical storm at some point on Sunday . A hurricane center map shows Alberto approaching the Gulf Coast on Monday, somewhere between Louisiana and the Florida Panhandle.

School Bus Crash in New Jersey Kills At Least 2, Reports Say
In the immediate aftermath of the accident, Murphy tweeted his reaction: "Our hearts are broken by today's tragedy". The exact number of children and adults on the bus wasn't known, but multiple people were taken to area hospitals.

Samsung Galaxy J6 with Infinity Display Launch on May 21: Features, Specifications
South Korean tech giant Samsung has confirmed that it will launch the Samsung Galaxy J6 with Infinity Display in India on May 21. The latest leak confirms that the Galaxy J6 is going to be equipped with an Infinity Display , just like the Galaxy A6 +.

Martial, Payet, Lacazette & Coman out of France squad
The attacking duo were instead included on an 11-strong standby list for the World Cup in Russian Federation . Laurent Koscielny was another French player set to miss out on World Cup following his Achilles injury.

Nadal Dispatches Shapovalov To Advance At Rome Open
In the women's tournament, top seeds Simona Halep and Caroline Wozniacki advanced to the third round in straight sets. In the middle of the sixth game the Chair Umpire over-ruled a call after inspecting the point where the ball landed.

Elon Musk Brings New Details About The Underground LA Tunnels Project
These shuttles will be able to carry cars, but Musk has said that pedestrians and cyclists will take priority. One test tunnel has already been excavated near SpaceX headquarters in Hawthorne, Calif.

White House, Trump weigh in on 'Laurel' versus 'Yanny' debate
If you hadn't been introduced to the possibility of hearing "Yanny" or "Laurel" you may not have heard either of these words. The audio went viral earlier this week, with some saying they hear "Laurel" in the clip and others saying they hear "Yanny".

Unknown source ramps up ozone-destroying CFC production
But with rising emissions, scientists suspect that someone is making a chemical substance in spite of the ban. But if the problem is allowed to persist, it could jeopardize ozone layer recovery and worsen climate change.

Agency reaffirms complete ban on trans fats by July
Several rich countries have already virtually eliminated trans fats by putting limits on the amounts allowed in packaged foods. In June, all products sold in the United States must be free of industrially produced trans-fats.

Novartis Top Lawyer Is Stepping Down After Cohen Payments
He said the company continued to pay him because it feared litigation over a premature termination of the agreement. He will retire at the start of June, to be replaced by current Novartis ethics chief Shannon Thyme Klinger.