Diabytes
India fuel prices News
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Last week, the government cut the price of the domestic 14.2kg LPG cylinder by Rs 200/LPG cylinder for all 330 million consumers w.e.f. August 30.
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Taxes on petrol and diesel, which account for more than a third of retail fuel prices, are one of the biggest sources of income for state and central governments.
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Fuel prices continued to touch another peak for the 16th consecutive day, with petrol being sold at Rs 78.43 per litre in Delhi and Rs 86.24 per litre in Mumbai.
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He cited the hurricanes in the United States IMRA and Harvey as a reason for the instability in the petroleum market and the hike in fuel prices.
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Government is likely to exempt ONGC and Oil India Ltd from payment of fuel subsidy during the rest of the fiscal due to steep decline in global oil rates.
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