As Karnataka faces backlash over rising fuel prices, CM Siddaramaiah highlights that the state's taxes are still lower than many others. We compare fuel prices in Indian states to provide a comprehensive view.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that the Congress party issued oil bonds which was irresponsible and today they are compounding it with lies by saying that fuel price hike is someone else's fault.
Rajasthan Chief Minister Bhajan Lal Sharma said that the reduced prices on petrol and diesel will be applicable from 6 am on Friday, March 15. Apart from Rajasthan, the Centre has also reduced petrol, diesel prices by Rs 2 across the country.
Finance minister Vladimir Regueiro said the cost of diesel and other types of fuel would face similar mark-ups, while also increasing electricity and natural gas prices. The Cuban government would also open 29 new petrol stations that will solely accept payment in US dollars.
The fuel price hike comes on the heels of over 27.4 per cent increase in the rate of inflation in August, putting an unbearable burden on the masses, as petrol and HSD are used by all private and public service vehicles.
The Congress has been attacking the government for not reducing the price of petrol and diesel in the country despite global crude oil prices going down considerably.
The prime minister focussed a big part of his concluding remarks of his meeting with chief ministers to review the COVID-19 situation on the issue of rise in fuel prices which has been a matter of public debate and a cause behind the surge in inflation.
Electricity will be switched off on a rotating basis between regions between 4:30 pm and 10:30 pm, according to officials. The state-owned Ceylon Electricity Board had requested permission for the cuts as fuel shortages had caused the loss of 541 MW to the national grid.
Earlier in November, in a significant decision, the Centre reduced excise duty on petrol and diesel to bring down the prices of the two petroleum products which had been seeing an upward trend.
Siddaramaiah added that the taxes on diesel should be reduced from 74 pc to 50 pc.
Rising prices of fuel and essential commodities amidst the Covid-19 pandemic have hit the finances of the people, with a majority of consumers surveyed foreseeing a decline in their income as well as savings during the fiscal, according to a survey.
Fuel prices in the country have been on the rise in the last few months.
The hike on Tuesday was the 28th increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.
Lok Sabha was adjourned for the day as Opposition members continued their protest over rising fuel prices on Monday. When the House reconvened at 7 pm after an adjournment, the Chair allowed discussion on the issue of women empowerment on the occasion of International Women's Day.
Stressing that fuel prices are at a "historic and unsustainable" high, Gandhi said petrol has breached the Rs 100 per litre mark in many parts of the country and the surging price of diesel has added to the escalating woes of millions of farmers.
All the schools, colleges and universities across Odisha will remain closed on Monday for the safety of students during a six-hour statewide shutdown called by the Congress to protest against the rising fuel prices, a minister said.
Global crude prices are holding close to $ 42 a barrel now. It has been hovering between $ 40-42 a barrel for over a month now. But with lower oil demand and rising inventory, there is fear a song oil-producing companies that crude prices may start falling again.
The fall in the retail price of diesel continues in line with the easing crude oil prices. The December futures contract of Brent crude on the Intercontinental Exchange (ICE) was trading at $39.95 per barrel, lower by 2.39 per cent.
Fuel prices were further reduced on Thursday due to a slump in demand after the coronavirus was declared pandemic. The price of petrol was reduced by 15-16 paise and that of diesel by 12-13 paise across all major cities in the country.
Some relief for consumers as fuel prices fell on Sunday after rise for three consecutive days. The price of petrol fell by 10-12 paise a litre while that of diesel by 6-7 paise per litre in all major cities across the country.
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