Yashwant Sinha Slams Government For Hike In Prices Of Petrol, Diesel

Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai

Petrol prices increased by Rs 0.31 per litre and touched Rs 79.15 per litre in Delhi.

The rupee-dollar exchange rate has dropped to an all-time low of Rs 71.42 to a dollar on August 31.

Last week, credit rating agency Moody's Investors Service said there were risks of India breaching the 3.3% fiscal deficit target for the current fiscal, since higher oil prices will add to short-term fiscal pressures.

Petrol and diesel prices in Delhi have increased by 13% and 19% this calendar year so far.

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Energy minister Jeff Radebe said this week that they had taken a once-off decision to only factor in a retail margin increase of 4.9c per litre of petrol for the month.

The appreciation of dollar against rupee has also pushed up rates for compressed natural gas (CNG) as well as piped natural gas (PNG) since the price of gas procured by city distributors is mostly dollar-denominated.

The fuel prices have been increasing continuously since the beginning of August on the cue of rising crude oil prices and falling rupee against the USA dollar.

A litre of petrol in Mumbai costs Rs 86.72 while diesel is priced at Rs 75.74 per litre. "If taxes are cut, prices will decline significantly", Chidambaram said on Twitter. The cost of petrol in Delhi went up Rs 1.64 per litre, Mumbai Rs 1.63, Chennai Rs 1.72 and Kolkata Rs 1.61 per litre.

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There is no price increase for diesel or illuminating paraffin. The Centre now levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel.

It's necessary to bring global factors in line to curb the surge in prices, Pradhan added. The prices of both petrol and diesel were raised by the Oil Marketing Companies (OMCs). "Apart from that, crises in countries like Venezuela and Iran are increasing".

Fuel prices vary from state to state due to local levies. "Secondly, global currencies have weakened against the U.S. dollar". "You can then buy petrol paying a dollar", he said.

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