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Petrol price can be cut by Rs 25 per litre: Chidambaram

Petrol price can be cut by Rs 25 per litre: Chidambaram

chidambaramNew Delhi : Congress leader and former Union Finance Minister P. Chidambaram on Wednesday criticised the Centre for the fuel price hike and claimed that the rate can be reduced by Rs 25 per litre but the government is not doing it.

“It is possible to cut upto Rs 25 per litre, but the government will not. They will cheat the people by cutting price by Re 1 or Rs 2 per litre of petrol,” he said over Twitter.

Across the four metropolitan cities, prices rose around 30 paise on Tuesday. In Delhi and Mumbai, the fuel was sold at Rs 76.87 and Rs 84.70 per litre, up from Rs Rs 76.57 and Rs 84.40 respectively on Monday.

“Bonanza to central government is Rs 25 on every litre of petrol. This money rightfully belongs to the average consumer.

“Central government saves Rs 15 on every litre of petrol due to fall in crude oil prices. It also puts additional tax of Rs 10 on every litre of petrol,” he added.

—IANS

IOC resumes dynamic pricing, petrol near 5-year high in Delhi

IOC resumes dynamic pricing, petrol near 5-year high in Delhi

PetrolNew Delhi : With the resumption of dynamic pricing system for transport fuels on Monday by the Indian Oil Corporation (IOC), petrol prices in the national capital shot up to 74.80 per litre.

The IOC had suspended dynamic pricing system for transport fuels for 19 days to “avoid creating unnecessary panic among the consumers”.

In Delhi, petrol was priced at Rs 74.80 per litre on Monday, highest since September 2013, when it had hit Rs 76.06 a litre. The price was last changed on April 24 when it was at Rs 74.63 per litre.

In the other metropolitan cities of Kolkata, Mumbai and Chennai also petrol prices were at multi-year high levels of Rs 77.50, Rs 82.65 and Rs 77.61 a litre on Monday.

The previous highs in these cities were Rs 78.03 (Kolkata, August 2014), Rs 83.62 (Mumbai, September 2013) and Rs 77.48 (Chennai, September 2013).

Apart from petrol prices, diesel also rose to a fresh record high after the last price movement on April 24. Prices of diesel on Tuesday, in Delhi, Kolkata, Mumbai, Chennai were Rs 66.14, Rs 68.68, Rs 70.43 and Rs 69.79 per litre, respectively.

Prices did not change in the last 19 days, despite rise in international crude oil prices, which observers cited as a deliberate political move ahead of Karnataka polls. Brent crude oil is currently priced over $76 per barrel.

However, IOC Chairman Sanjiv Singh on May 8, said the dymanic pricing was suspended temporarily despite a rise in international rates, to avoid panic among consumers.

“We have decided to temporarily moderate retail prices by not passing on the required increase as we believe the current international oil product prices are not supported by fundamentals. So we have decided to wait for a while,” Singh had said, adding: “Passing them on to consumers will unnecessarily create panic.”

This temporary relief to consumer seems to have come to an end with the rise in prices on Monday.

—IANS