No Relief on Petrol Prices Despite Fall in International Oil Prices

28 May, 2018, 14:51 | Author: Kathy Ellis
  • Govt considers windfall tax on oil producers; ONGC drops 5%

Similarly, diesel prices in the national capital soared to Rs 69.17 per litre today, the highest recorded ever.

The fuel price hike can no more be blamed on crude oil prices.

He also argued that several reasons were responsible for the hike in prices of petrol and diesel, including the political conditions in oil producing countries and the worldwide market.

He said there were several reasons contributing to petrol and diesel price rise including the uncertain political conditions in oil exploring countries and the global market.

From plunging to $26 in February 2016 before climbing back to around $78 per barrel on Tuesday, oil prices have defined volatility.

Highest petrol price Mumbai stood at Rs 79.99 (on October 3) in 2017, while the average crude oil price of Indian basket stood at an average of mere $56.43 in FY18.

It is learnt that the petrol and diesel prices continue to rise as oil companies passed on four weeks of relentless rise in worldwide oil prices to consumers.

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You can keep abreast of the latest fuel prices by following #racfuelwatch on Twitter.

Since 14 May, rates have gone up by Rs2.84 a litre in case of petrol and Rs2.60 in diesel.

"The supermarkets are being very quick to pass on increases in the wholesale price of fuel brought about by a 17% rise in the price of oil to above $80". The Central government levies Rs 19.48 excise duty on a litre of petrol and Rs 15.33 on diesel. "The government will have to find a solution to this crisis", said RS Sharma, former chairman of ONGC.

" Goods and Service Tax (GST) is one way being looked into to ease the situation".

Bharatiya Janata Party (BJP) president and Rajya Sabha MP, Amit Shah, on last Tuesday, assured that the government will come up with a solution within two to three days.

Understandably, the petroleum price hike is not an issue only for the vehicle owners but it is also equally important issue for the entire citizenry.

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