Petrol price at 4-year high: Public blames govt; Jaitley ignored warning?

The Oil Ministry had earlier this year sought a reduction in excise duty on petrol an diesel to cushion the impact rising international oil rates but Arun Jaitley in his Budget ignored those calls

Road to cleaner fuel: BS-VI is already powering your car in Delhi

The public in parts of India has blamed and urged the central government to come up with a plan to tackle the problem of ever-rising fuel prices as petrol prices on Monday hovered over four-year peak and diesel is at an all-time high.

Petrol is being sold in Delhi for Rs 73.83 per litre and Diesel was selling at a record price of Rs 64.69 a litre.

Diesel price was at an all-time high in all four metro cities of Delhi, Kolkata, Mumbai and Chennai.

The price of petrol in Mumbai stands at Rs 81.69 a litre and Diesel is selling at Rs 68.89 a litre.

The Oil Ministry had earlier this year sought a reduction in excise duty on petrol an diesel to cushion the impact rising international oil rates but Finance Minister Arun Jaitley in his Budget presented on February 1 ignored those calls.
India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.

Some quarters of the public said the government must come up with a plan such as carpooling policy or decreasing the excise duty on fuel, so that they do not suffer due to hike in petrol and diesel prices in the international market.

“The government earlier as well increased the price of CNG and now these. It should either come up with a carpooling policy or keep a check on the ever increasing prices of diesel and petrol,” Delhi-based Rahul Saxena told ANI on Monday.

He said the price of petrol and diesel always remain high in India in comparison with other countries.

“It causes discontentment among the public; the government needs to tackle it by decreasing the excise on fuel,” Saxena added.

Satish Kumar, who runs a CNG and petrol car, says the government does not think once before increasing the fuel prices.

He said the government was creating a problem for vehicle users by increasing the price on a daily basis and that the Centre must think over it.

“This also leads to inflation in the market as the increase in price affects the supply of other goods and materials too.”

Vivek from Nagpur, however, said the problem was because of huge demand and lack of supply as people were largely dependent on private transportation and consuming it in large scale.

He also said people need to bring down the consumption or deal with it as it keeps on increasing daily. |Readmore….

Cheap fuel: After new highs, experts see petrol, diesel prices falling soon

Experts say domestic prices will track international ones, which have shown a declining trend

Petrol, petrol prices, cars, oil

Today’s Paper : Diesel prices in Delhi on Tuesday scaled a new all-time high of Rs 59.14 per litre, while other cities too saw a considerable increase. However, industry experts and the government believe that prices will ease in the next few weeks as international prices are showing a declining trend.

In Delhi, the price of petrol, too, was at a two-year high on Tuesday at Rs 70.88 per litre. Since the implementation of daily pricing from June 16 this year, Indian basket crude oil has gone up by around 19 per — from $46 a barrel to $55.36 a barrel. However, domestic retail selling prices of petrol and diesel in Delhi have gone up by only eight per cent during this period.

According to Petroleum Minister Dharmendra Pradhan, the main reason for the increase in product prices was the increase in international prices due to the two hurricane – Harvey and Irma – that hit the US. Thirteen per cent of the US refinery capacity was shut down due to the hurricanes. “In the past three months, the FOB (free on board) price of petrol and diesel in the international market increased by 20 per cent. The recent rise in prices is transient in nature and will ease in the coming days,” said a source close to the development.

Pradhan has been demanding that the Goods and Services Tax (GST) Council consider bringing petroleum products within the ambit of GST so as to harmonise the tax structure. Taxes constitute a significant part of the price build-up, with the excise duty on petrol and diesel at Rs 21.48 per litre and Rs 17.33 per litre, respectively. “The government has not increased excise duty on petrol and diesel in the past year and a half… The last revision being in January 2016. We demand it to be included in GST so that fuel will have a uniform tax structure,” Pradhan had said. | Readmore…