Expect bigger petrol price increases following government intervention

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Expressing his views on Twitter, he wrote, "Petrol, diesel and gas prices are rising and are hitting all-time highs daily. This unsuccessful government should take some measures to curb the prices", Vohra said. 5 cents a litre, while the reference price of 95 octane unleaded petrol will top 1 euro 60 a litre.

According to South African Petroleum Industry Association, the petrol retail price is regulated by the government.

Petrol prices went up by Rs 2.17 per litre since August 16, while diesel rates climbed by Rs 2.62.

The fuel prices have been increasing continuously since the beginning of August on the cue of rising crude oil prices and falling rupee against the United States dollar.

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Former Finance Minister P Chidambaram slammed Bharatiya Janata Party (BJP)-led Centre for neglecting the historical rise in fuel prices and failing to implement any measures to contain the surge. The excise duty has remained unchanged for the past four months but the Value-Added Tax applied on diesel today is Rs 10.12 per litre and that on petrol is Rs 16.42 per litre. At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37, down 16 paise.

Also driven by higher oil prices and robust non-oil import demand, Moody's expects the current account deficit to widen to 2.5 per cent of GDP in the fiscal year ending March 2019, from 1.5 per cent in fiscal 2018. "I would like to mention two points, and both these subjects are external".

Since August 2018, petrol prices have gone up by Rs. 2 per litre, while diesel prices been hiked by Rs. 2.42 per litre. "Apart from that, crises in countries like Venezuela and Iran are increasing".

The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining Dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies.

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