Cabinet approves hike in ethanol price by over 4 rupees

File photo. Photograph:( Zee News Network )

WION Web Team New Delhi, Delhi, India Sep 12, 2018, 04.50 PM (IST)

Amid the consistent rise in the fuel prices in the country, the cabinet on Wednesday announced yet another increase in the price of another fuel, Ethanol.

In a press briefing, Union Minister Dharmendra Pradhan said that the cabinet has approved the price of Ethanol at Rs 52.43 per litre, which was earlier at Rs 47.49 per litre. 

Fuel prices began an almost unbroken northward march since August 1. They fell only once on August 13 in the last 41 days. Prices surged on 29 days and remained unchanged on 11 days, and have been breaching record levels for more than a week now. 

Sector experts say a weak rupee and high excise duty are major factors for the rise in fuel prices.

Also, high global crude oil cost has become a major concern for the country which is a net importer of oil. The UK Brent crude oil price hovers around $77 per barrel.

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The fuel prices remained static on Wednesday.

However, on Monday, the price of petrol in Delhi was Rs 80.73 per litre while diesel was sold for 72.83 per litre.

On Sunday, Delhites were charged Rs 80.50 for a litre of petrol while diesel was sold for Rs 72.61 per litre.

In Mumbai, the financial capital, people had to shell out Rs Rs 88.12 for a litre of petrol and Rs 77.32 for diesel per litre on Monday. On Sunday, the petrol was bought for Rs 87.89 per litre while diesel Rs 77.09.

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