What Consumers Pay For Petrol, Diesel After Price Cuts
06 October, 2018, 14:50 | Author: Mary Valdez
Surjewala said that an RTI reply has revealed that the Modi government was selling petrol and diesel to several countries at less than half the price at which it was being sold in India. Central minister Arun Jaitley has also urged state governments to cut down state-VAT to reduce petrol prices further by about Rs 2.5. "The government's aim is to give relief to the consumer by increasing their purchasing power without impacting the fiscal deficit", he said.
Since mid-August, the petrol price has risen by Rs 6.86 a litre and diesel by Rs 6.73 - the most in any six-week duration after the daily price revision was introduced in mid-June past year.
The state of Karnataka, who earlier slashed fuel prices by Rs 2, will not be announcing any more cuts.
Jaitley, however, said asking oil companies to bear a part some burden is not going back on deregulation.
Petrol was sold at 83.85 rupees a litre, while diesel was sold at 75.25 a litre on October 3, according to state-run retailer Indian Oil Corp's website.
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"And reducing oil prices, if you say is good politics, so be it", said Mr Jaitley.
Jaitley said the move followed Brent crude oil touching four-year high of Dollars 86 a barrel Wednesday and interest rates in United States reaching seven-year high. In Mumbai, petrol rates had breached Rs 90 per litre. The governments of Maharashtra, Gujarat, Chhattisgarh, Jharkhand and Uttar Pradesh - all under the rule of the Bharatiya Janata Party - have already said they will do so.
Immediately after the announcement that Oil Marketing companies will absorb Rs 1 per litre as their contribution to make petrol/diesel cheaper, share prices of Indian Oil, HPCL and BPCL tanked by upto 11% in the share market.
Union Finance Minister Arun Jaitley was speaking at the Hindustan Times Leadership Summit 2018 in the national capital. This means that petrol will continue to be expensive in Delhi. Absorbing this Rs 10,500 crore in increased collection and maintaining fiscal deficit I am confident we will be able to do that.
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