Petrol crosses Rs 80 in Mumbai, diesel over Rs 67

BT podcast WEF annual meet begins in Davos today India to become fastest growing large economy in 2018

Petrol crosses Rs 80 in Mumbai, diesel over Rs 67

Fuel prices were put on a dynamic price revision model which means prices of petrol and diesel are revised daily so that the gains of price changes in the national and worldwide commodities markets can be transferred to the consumer.

People in Mumbai on Monday woke up to a nightmare: petrol prices in the Maharashtra capital stood at Rs 80.10 per litre, while diesel rose to Rs 67.10.

The common man, who is now facing the burn of the hike in fuel, is staring at government to control the price hike. According to the Indian Oil website, the price of petrol in Mumbai on Sunday was Rs 79.95 and that in Delhi was Rs 72.08 per litre. In Kolkata and Chennai today, the price of petrol was at 75.09 per litre and Rs 75.06 per litre respectively.

Petrol prices crossed the Rs80-a-litre mark hitting Rs80.10 per litre in Mumbai as state-run oil marketing companies continued to raise fuel prices on a daily basis. "We are hopeful that the GST Council will agree to it shortly", the Petroleum and Natural Gas Minister told reporters in Ujjain.

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Mr. Chidambaram accused the government of squandering windfall gains collected through "massive taxation" on petrol and diesel on "wasteful expenditure".

In Indore, Pradhan rode a bicycle at "Saksham Cyclothon" to send the message of save fuel and environment. The GST panel may consider a proposal regarding this at its next meeting. However it couldn't be taken up for consideration.

Finance Minister Arun Jaitley recently said that the Central government favours bringing petrol products under the GST umbrella, but is looking for consensus with state governments to do the same. The exorbitant cess imposed by certain states, likes Maharashtra, further adds to the cost. We have submitted numerous representations to the government, but it has turned a deaf ear to our pleas, leaving us with no choice but to resort to an agitation.

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