Fuel prices across the country on Thursday rose to highest level in 55 months as global benchmark Brent crude climbed to $74.74 a barrel, the highest since November 27, 2014 — the day when Opec started a price war and sent oil prices tumbling to $30 a year later.
Bangalore Chamber of Industry and Commerce has sought the intervention of GST Councilto arrest the rising prices of petroleum products by bringing petroleum products under the GST. In the two-month span, petroleum prices have increased by Rs.15 per litre of petrol in Bangalore while it is much higher in other parts of the country, the Chamber said.
India’s annual wholesale price inflationeased in January for the second straight month after touching an eight-month high in November, helped by a softer rise in food and fuel prices, government data showed on Thursday.
Providing relief to common man over higher fuel prices, government today reduced excise duties by Rs 2 for petrol and diesel.
Fuel prices in India have already breached record-high levels last seen in the year 2014 when the international price of crude oil was tapering down from its over $100 per barrel level peak.
Three months after the MP government slashed VAT on fuel, prices of petrol and diesel are all set to rise again sometime this week as the government has levied 1% cess to generate funds for ‘building infrastructure’.
Maharashtra, Gujarat and Himachal Pradesh today announced cuts in Value Added Tax (VAT) on petrol and diesel, effective from midnight, to bring down fuel prices in the three states.
The Bharatiya Janata Party (BJP)-ruled Gujarat has decided to slash the Value-Added Tax (VAT) on fuel prices in the state.
Attributing the recent rise in fuel prices to a hurricane in the US, Union Minister Dharmendra Pradhan on Saturday said the rates will come down in the next few days.
The Narendra Modi government made a politically brave and economically sound decision to raise petroleum prices in the country.