Wednesday, 20 June, 2018

Petrol prices rise over Rs 3 per litre in 12 days

Govt considers windfall tax on oil producers; ONGC drops 5% India trying to get resolution soon on rising fuel prices: oil minister
Lindsey Cook | 28 May, 2018, 14:51

27 per litre in Delhi. In Kolkata petrol price was at Rs 80.91, while in Chennai it was Rs 81.26. The prices are raised by 15 paisa in Kolkata, Mumbai and by 16 paisa in Chennai.

The Union Minister put the blame on uncertain political conditions in oil exploring countries and the worldwide market for the oil price rise.

Amid the rise in fuel prices, crude oil futures fell 2.73 per cent to Rs 4,485 per barrel on Monday, in line with the weak trend overseas as the market eyed an increase in output from top crude producers - Russia, the United States, and Saudi Arabia.

After hitting a high of $84.47 on May 14, the brent crude oil prices have plummeted by almost $9 over the past fortnight.

As per the pricing mechanism, the domestic petrol prices are dependent upon the worldwide fuel price on a 15-day average.

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Petrol and diesel prices continue to soar and touched another peak on Monday. High oil price is going to inflict additional pain just as businesses and consumers were returning to normalcy after demonetisation and GST.

The Petroleum Minister said he would not question states who need to generate revenue for welfare programmes, but when the Centre reduced excise duty in last October, some states like Odisha did not reduce Value-Added Tax.

Sources said the windfall tax is one of the options being considered by the government as a permanent solution to dealing with the problem of spike in oil prices. During the day, it tanked 11.44 per cent to Rs 155.45.

Last week, BJP President Amit Shah had said that a plan is being worked upon to check petrol prices in the country.

However, Pradhan doesn't see this as a potential solution as the central government had reduced the excise duty on fuel by Rs. 2 per litre only recently in the wake of poor. The tax may come in form of a cess, will kick in the moment oil prices cross $70/bbl. Global oil prices are near $80/barrel, extending their rally on the likely return of sanctions on Iran, India's third largest supplier. "This will not only reduce the fuel prices but will also increase the government's revenue", Gadkari said.

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