Fuel price hike: UP potato farmers face sharp drop in sales

Petrol Prices

The government raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October previous year by Rs 2 a litre.

A logo of Indian Oil is seen on the shirt of an employee at a fuel station in New Delhi, India August 29, 2016. The opposition, led by Congress' Rahul Gandhi, seized the opportunity to target the government over the rising fuel prices and the hashtag #EkPaiseKiSarkar began trending on Twitter.

OMCs have been revising petrol and diesel prices on a daily basis since last June.

Oil prices fell to about $75 a barrel as Saudi Arabia and Russian Federation said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014 [O/R].

The oil companies this morning announced reduction in petrol price by 60 paise to Rs 77.83 a litre and diesel by 56 paise to Rs 68.75 in Delhi. This was rectified to 1 paisa a litre. "It's been five days now, but nobody has come to buy potatoes", said a concerned potato farmer.

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The fuel prices were cut for the first time after 16 days of continuous rise in rates.

The marginal reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates.

The price of petrol in the capital is now ₹ 78.42 a litre, while diesel is at ₹ 69.30 a litre.

Since petrol and diesel remain outside the ambit of Goods and Services Tax, states also levy hefty sales tax and value added tax (VAT).

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