Petrol price up by 38 paise in Thiruvananthapuram

Fuel prices record 13 revisions since last November

Central government puts additional tax of Rs10 on every litre of petrol.

Petrol and diesel prices registered new record highs in Delhi and Mumbai today.

In Mumbai, petrol price touched a new high of Rs85.29 per litre and diesel climbed hit its highest ever level of Rs72.96 amidst the relentless rise in worldwide oil prices.

As protests against rising petrol and diesel prices grow, the government has said that it is working on finding a "long-term solutions". The loss of revenue and profits is the reason that there is reluctance in government to bring fuels under the GST as it will reduce the taxes that are levied these days. Prices here are much higher than other states.

"Fuel price hike has a cascading effect on inflation and the Reserve Bank of India will have to front-load interest rate hikes now", said Rupa Rege Nitsure, group chief economist at L&T Finance Holdings in Mumbai. Petrol and diesel prices were raised for the 11th day in succession today as the state-owned oil firms gradually passed on to the consumer the increased cost of global oil that had accumulated since a 19-day freeze was imposed just before Karnataka elections.

Diesel prices too showed an increase of about 30 paise from Tuesday's prices across metros, with the fuel selling at Rs 68.30 per litre in Delhi, Rs 72.76/litre in Mumbai, Rs 72.14/litre in Chennai, and Rs 70.89/litre in Kolkata on Wednesday.

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"The government has given us the freedom to revise prices daily".

"We have said that the state would be ready to bring the petroleum products under GST regimen".

Talking to reporters here today, Gujarat Deputy Chief Minister Nitin Patel said that the state government had already provided a relief to the people by reducing Value-Added Tax on fuel a year ago.

The government's refusal to provide any relief to the common man has invited sharp attack from the Opposition as well as the common man, which is reflected in the social media. Analysts believe that the less production of oil in the OPEC and hike in crude oil prices in the worldwide market are some of the factors affecting the fuel price hike. Time is at a premium.

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