Crude jolt pushes petrol,diesel prices to new high

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Petrol price has hit a four-year high of Rs 73.83 a litre, while diesel rates touched an all-time high of Rs 64.69 in the national capital on rising worldwide oil rates. Petrol price is at Rs 74.08 per litre in Delhi and Rs 81.93 per litre in Mumbai. Previously, the highest recorded price for diesel in Mumbai was Rs 67.26 on August 31, 2014. Petrol price has reached the highest since September 2013. Petrol had crossed the Rs 70-mark for the first time in the capital on July 1, 2013, when the price was raised to Rs 73.60 a litre from Rs 71.56. With global oil prices expected to rise further in the coming days, clamour for excise cut is going to get louder. Kolkata and Chennai saw it selling at Rs 76.78 and at Rs 76.85 respectively.

Former finance minister P Chidambram in series of tweets said: "Crude oil price at $ 74 per barrel is still lower than $ 105 four years ago".

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Suggesting petroleum products to bring under GST, Mr. Chidambram said, "BJP boasts that it is ruling 22 States".

Retail fuel prices in India are at a 55-month high on the heels of an increase in worldwide crude price.

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Earlier, Rahul Gandhi had even accused Narendra Modi of "misinforming people" saying that the middle class is bearing the brunt of rising fuel prices at the behest of the BJP government. The oil companies are free to set the prices of petrol and diesel as per worldwide rates for crude oil.

Oil PSUs are free to price petrol and diesel according to the worldwide rates and the government has no role in its pricing except for the taxation part of it that constitutes a major component in its rate. Petrol was up at Rs 74.08 a litre.

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"I think the government should reduce taxes as the consumers are burdened and increasing prices of sensitive petroleum products may lead to inflation", said a Mumbai based oil analyst.

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