Mumbai, June 1: After facing a crisis situation created by rising fuel prices, the BEST undertaking has raised concerns and has estimated an additional loss of Rs 25 crore this financial year. It must be noted that the BEST is already reeling under losses of over Rs 900 crore. Reports inform that the government is likely to come out with "some steps" this week to deal with record high petrol and diesel rates.

The trend of minor reduction in petrol and diesel prices continued for the third consecutive day on Friday as oil firms cutting rates by 6 paise and 5 paise a litre respectively. According to a PTI report, the reductions follow softening of international oil rates and the rupee gaining against the US dollar.

According to a report by TOI, the BEST general manager Surendrakumar Bagde informed that the actual losses will be known only in July, as the calculation of expenditure is done on a quarterly basis.  Amid the rising petrol and diesel prices, BEST committee member Bhushan Patil of the Congress was quoted by TOI saying that the state government should reduce taxes on diesel, which may help bring down losses."

On Friday, Petrol in Delhi was priced at Rs 78.29 a litre, down from Rs 78.35, according to a price notification issued by state-owned oil firms. Meanwhile, diesel rates have been cut to Rs 69.20 per litre from Rs 69.25. This is the third reduction in rates coming after 16 days of relentless price hikes that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls, PTI reported. It must be noted that prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

(The above story first appeared on LatestLY on Jun 01, 2018 08:33 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).