Tuesday 11 December 2018

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Economy | Finance

Hike in 4 days makes petrol Rs 60; Goa CM needs to be prepared for rollback

 

Goans are facing steep hike in petrol price within four days as petrol has gone up by Rs 2.19 from tonight, making it nearly Rs 60.

Goans already faced a steep hike in petrol price locally as the local BJP government has rolled back to 22% VAT on petrol within four years.

The petrol in Goa would now cost similar to any place in India.

With the recent petrol hike, it would cost Rs 61.87 in the national capital while Rs 59.94 in Panaji, Goa’s state capital.

Diesel price has also gone up by 98 paise.

Chief Minister Laxmikant Parsekar has already announced in his budget speech last month that the government would revise the VAT if petrol price crosses Rs 60.

Goa’s former chief minister Manohar Parrikar, now India’s defence minister, had slashed down VAT on Goa’s petrol by 99% in 2012, bringing down petrol price from Rs 72 to Rs 61.

As petrol price kept falling in the international market, the BJP government went on increasing VAT on petrol.

It was full circle in this year’s budget, going back to 22% VAT.

“I will not allow it to go above Rs 60 per litre”, Parsekar once again told the media last week.

The national level hike comes on the back of a steep Rs 3.07 a litre increase on March 17 and a Rs 1.90 a litre hike in diesel rates.

While this is the second straight increase in petrol price, this is the fourth straight fortnightly increase in diesel rates. The three hikes in diesel rates since February 16 total Rs 3.65 per litre.

"The current level of international product prices of petrol and diesel and the rupee-US dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to consumers with this price revision," IOCBSE 2.24 % said in a statement.






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