Fuel prices hiked for 15th consecutive day

28 May, 2018, 20:40 | Author: Mary Valdez
  • Petrol Diesel Prices in India Should go Down as International Crude Oil Rate Slips

On January 21 of 2018, he said: We are trying that petrol, diesel and kerosene should also come under the ambit of GST.

Along with Delhi, prices in Mumbai and Chennai have already reached record levels and are only reaching new highs every single day.

Petrol prices were hiked by 15 paise a litre in Delhi, Kolkata, Chennai and Mumbai.

In Kolkata, the price of petrol inched closer to a four-year high level at Rs 80.91 per litre.

There are also demands that the fuel prices be be brought under the GST.

Brent crude futures, the worldwide benchmark for oil prices, traded at $74.76 a barrel on the ICE.

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Since the dynamic pricing system resumed on May 14, petrol and diesel prices have risen by Rs 3.64 and Rs 3.24 respectively in the last 15 days in Delhi.

The residents of Monaco pay Rs 129.60 for a litre of petrol. Monaco is world's second smallest country in Western Europe and France borders the country from three sides. In 2016-17, the government's revenue from the petroleum sector was Rs 5.24 lakh crore, accounting for 3.5 per cent of GDP. Paz oil company ltd holds more than 30 percent of the Israeli fuel market.

Around 18 per cent of the crude used by India is drilled domestically, but the price of this domestic crude is fixed in line with global prices. This money was put to good use on infrastructure, subsidizing highly cheap cooking gas cylinders to lakhs of rural households, on building tens of lakhs of toilets, etc.

Officials indicated that the windfall tax on oil producers was the most likely solution as the finance ministry was against cutting excise duties. A similar tax was considered in 2008 when oil prices were on the rise but the idea was dropped after stiff opposition from private sector firms like Cairn India.

The revisions continued till just before the general elections in 2004 when oil companies went slow and after a Congress-led UPA came to power the entire process was reviewed as the worldwide oil prices started moving up.

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