Petrol, Diesel Prices Continue to Rise; All Eyes on Key GST Meet Today

Mumbai, Jan 18: Diesel prices on Thursday, January 18, hit another record high while petrol price was highest in three years. On Thursday, diesel price in Mumbai was Rs 66.30 per litre, 21 paise higher than yesterday. In Delhi, diesel was at Rs 62.25 per litre, 19 paise higher than Wednesday’s price. It was Rs 64.91 per litre and Rs 65.63 per litre in Kolkata and Chennai respectively. (More hike in fuel rates. Check the price of petrol and diesel on January 19)

Meanwhile, petrol price also continued to peak. In Mumbai, the cost of petrol today was Rs 79.44 per litre, 17 paise higher than Wednesday’s price. In Delhi, Kolkata and Chennai, petrol price was at Rs 71.56 per litre, Rs Rs 74.28 per litre and Rs 74.20 per litre respectively.

With the petrol and diesel prices seeing a steep rise in the past one week, demands for bringing fuel under the purview of Goods and Services Tax have gone louder. After Opposition parties, the Confederation of Indian Industry (CII) has also asked the government for inclusion of oil and natural gas in GST regime at the earliest.

Reports say that petrol and diesel prices will be the key issue at the GST Council meeting to be held today. The GST council is likely to discuss the possibility of bringing fuel under the new tax regime.

Oil companies had adopted dynamic pricing for fuel from June 16, 2017, following which prices have been changing every day. The price of petrol in Delhi on that day was Rs 65.48 per litre while it was Rs 76.70 per litre in Mumbai. While prices went down in the initial few days of the policy, they rose after that.