Expect bigger petrol price increases following government intervention
04 September, 2018, 17:25 | Author: Sara Gill
Monday's figures breached the previous highs recorded on May 28 this year when the petrol prices were at Rs 86.24 in Mumbai and Rs 78.43 in Delhi. In Delhi, petrol was selling at Rs 79.31 per litre while the diesel was being sold at Rs 71.34 per litre. "If taxes are cut, prices will decline significantly", he said.
Thanks to that intervention, the price a litre of 95-octane petrol will go up on Wednesday from R15.44 to R15.49 at the coast and from R16.03 to R16.08 in Gauteng.
The revised rates are effective from 6 am on September 3, 2018. "This is further hurting Asian currencies", the official said.
Petroleum Minister Dharmendra Pradhan has blamed "external" factors for the rise in petrol and diesel prices.
Fuel prices continued to rise on Monday, with petrol and diesel prices touching a new record high in several metropolitan cities, including Delhi and Mumbai.
Commenting on the relentless price rise, former finance minister P Chidambaram said: "Relentless rise in prices of petrol and diesel is not inevitable".
The price build-up of petrol in Delhi includes excise duty of ₹19.48, dealer commission of ₹3.63, and Value-Added Tax of ₹16.83 (including Value-Added Tax on dealer commission).
A higher fuel price brings risk of an increased inflation, which could ultimately result in the Reserve Bank of India (RBI) hiking key interest rates, which makes borrowing more expensive. There is a pressure on oil prices due to decrease in production. "We can not reduce defence expenditure or interest payments if we decide to cut excise of petrol and diesel", the official explained. Diesel prices reached an all-time high on May 29 at Rs 73.79 in Mumbai, Rs 69.31 in Delhi, Rs 71.86 in Kolkata, and Rs 73.18 in Chennai. Like petrol, the duty was reduced by Rs 2 per litre in October 2017 to Rs 15.33 per litre.
External factors: The exchange rate - that is the price of the dollar vs the rand. Also, crude oil has gained $7 a barrel in a fortnight, driven by fears that the U.S. sanctions on Iran will likely contract supplies.
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