Fuel prices at their highest since August 2014

Petrol and diesel prices in India have reached a 3-year high following a spike in the international crude oil prices. According to reports, recent hurricanes that have hit southern and south-eastern United States have caused refineries in the area to shut down resulting in the jump in fuel prices. 

Fuel prices are at their highest since August 2014. On September 14, 2017, petrol is priced at Rs. 70.39 per litre in Delhi. That's a hike of Rs. 2.31 per litre since August 15, 2017. Meanwhile, diesel is priced at Rs. 58.74 per litre compared to Rs. 57.30 per litre a on August 15, 2017.

It's a similar story in other cities in the country. Petrol prices in Kolkata and Chennai are at their highest since January 2017. In Mumbai, petrol and diesel have been priced at Rs. 79.50 per litre and Rs. 62.40 per litre respectively. Since July 1, 2017, the prices of petrol and diesel in the city have risen by Rs. 5.18 per litre and Rs. 3.77 respectively.

Since June 2017, fuel prices have been revised on a daily basis depending on international rates and taking into consideration the fluctuations in currency exchange rates. Additionally, the government has decided to keep petrol and diesel out of the ambit of GST. However, the petroleum minister has suggested that the GST Council should consider bringing petroleum products under the new tax structure.

Source: Economic Times