Sunday, 21 October, 2018


Karnataka government cuts Petrol, Diesel prices by Rs 2/litre

Hike in fuel prices continue, petrol nears Rs 90 mark in Mumbai Petrol hits a record at Rs 89/litre in Mumbai, Rs 81.63/litre in Delhi
Conrad Doyle | 17 September, 2018, 12:50

"Everyday fuel prices are increasing, people of Karnataka felt that the state government can reduced the prices of fuel by reducing the taxes, I want to announce from Kalburgi that the coalition government has chose to cut down the taxes for petrol and diesel minimum by Rs. 2".

With the following announcement, Karnataka becomes the third state to cut the fuel prices.

Petrol and diesel prices have been rising nearly every day in the past one month.

The prices of petrol and diesel rose once again this morning, continuing a recent trend of almost daily hikes. The Chief Minister has announced a Rs 2 cut in the cess of both petrol and diesel.

In the wake of record-breaking fuel prices making news every passing day, Karnataka government has issued orders to clamp down the petrol and diesel prices in the state by Rs 2 per litre. Depreciation in the rupee against the United States dollar makes the import of crude oil dearer as the transaction takes place with dollars.

A combination of a dip in rupee value against the U.S. dollar and rise in crude oil prices has led to a spike in pump prices since mid-August.

The price of Brent crude oil is now over $78 per barrel. The diesel touched Rs 73.78/litre, up 6 paise for a litre from September 16.

Cost of the other transportation fuel, diesel also increased on Saturday. Meanwhile, the Maharashtra government said it was working on proposals to reduce the fuel prices. Mentioning that the state will lose Rs 1,120 crores due to the reduction, the Telugu Desam Party (TDP) blamed the Centre for the price hike.

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