Petrol prices rise for 14th straight day

Petrol prices rise for 14th straight day

Latest RAC Fuel Watch data shows that United Kingdom supermarkets have raised the price of petrol and diesel every single day since the end of March.

Supermarkets have increased their petrol and diesel prices every day since the end of March, a new analysis shows.

The levy will, however, be confined to crude produced from domestic fields. Ltd (ONGC) as part of a permanent solution it is working on for moderating the spiralling retail prices of petrol and diesel. But today the NDA government is putting the blame exclusively on the rise of crude oil prices by the oil producing countries. Prices have peaked across the country, fuelling speculations the ruling Bharatiya Janata Party (BJP) government may be mulling an excise duty cut for auto fuels.

The surge in fuel prices is mainly attributed to the rise in crude oil price, depreciation of rupee against the USA dollar and the high excise duty levied on petrol and diesel. "Public perceptions change fast and if the current price rise continues, it would be hard to tone down public anger and get their favour in the form of votes again", said an official of oil marketing firm not willing to be named.

The revenues so raised would be paid to fuel retailers, allowing them to absorb spikes beyond the threshold levels, they said.

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"Supermarkets are highly influential in the price charged at pumps across the United Kingdom as, despite operating under 18% of all forecourts, they sell 45% of all fuel sold". However, a $3-decline per barrel prices of worldwide Brent crude oil has sparked expectations that fuel prices might come down in coming days. In December, 2017 crude price for Bent was $ 66.2 per Barrel which came down to $ 60 in 2018. The Indian government benefited from falling crude prices since November 2014 and shore up its finances by hiking excise duty on fuel nine times between November 2014 and January 2016.

He added that while oil minister Dharmendra Pradhan will meet oil marketing companies on Wednesday, they have been insisting that all petro products be brought under the Goods and Services Tax.

Of late, geo-political tensions in the Middle East and supply side constraints have led to a surge in global crude oil prices.

"The supermarkets are being very quick to pass on increases in the wholesale price of fuel".

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