Govt can reduce petrol price up to Rs25 but won’t do: Chidambaram
27 May, 2018, 00:39 | Author: Melinda Barton
No relief for common man as the fuel prices hike continued for 12th consectuive day on Friday.
Petrol prices have gone up by ₹2.54 a litre and diesel by ₹2.41 a litre since May 14.
Whenever there is a rise in the prices of petrol and diesel a very strong resentment grows among the general public in India against the prevailing government for its failure to control the prices.
"The oil price has increased by $30 a barrel since last July as a result of OPEC (the Organisation of the Petroleum Exporting Countries) and Russian Federation limiting production to reduce an oversupplied market". "Bonanza to Central government is ₹25 on every litre of petrol".
The minister also said that the hike is the result of rise in fuel prices by the foreign companies. But that move followed nine hikes to the tax between November 2014 and January 2016, to shore up finances as global oil prices fell, reported the PTI.
"If the price of oil goes up towards $100 a barrel we will very likely see a return to the dark days of April 2012 when petrol and diesel hit record highs".
It is known fact that the crude oil prices determine the fuel rates in our country. The cut is likely to be in the range of Rs 2 to Rs 4 a litre, they added. Just yesterday, Indian Oil Corp, country's largest fuel retailing giant, reported 40 per cent jump in the March quarter net profit on the back of higher refining margin and inventory gains.
According to the finance ministry's revenue collection estimates, the central government collects more than Rs. 2.579 lakh crore by levying taxes on petroleum products.
Opposition leaders have criticised the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world's biggest economies. State sales tax or VAT varies from State to State. We are trying to build a consensus in GST Council on bringing petroleum under GST.
Prices are highest in Mumbai, with the fuel being sold at Rs 84.99 per litre, followed by Chennai at Rs 80.11, and Kolkata at Rs 79.83.
The government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October previous year by Rs 2 a litre. "The Centre has given Maharashtra in last four years what was not given in the last 20 years", he claimed.
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