Petrol pump prices hit three-year high

02 February, 2018, 21:34 | Author: Gladys Mathis
  • Pakistan       by Muhammad Irfan | Published

While the announcement was initially assumed as a measure to bring down the soaring fuel prices, it was later revealed that the cuts would only offset the brunt of the newly introduced road cess, which would be charged at Rs 8 per litre. In fact, in the budget this year, the government has imposed Rs 2 per liter road cess on petrol and diesel on the other hand.

With crude oil price inching towards $70 a barrel, Oil Ministry had earlier sought the intervention of the finance ministry to cut down the excise duty on petrol and diesel in the budget. Basic excise duty on branded diesel was also reduced from Rs 10.69 per litre to Rs 8.69 per litre.

Dharmendra Pradhan, Minister of Petroleum of Natural Gas, on June 16, 2017, said, "With this historic step towards transparency and customer interest, the Indian Oil & Gas industry has joined the elite league of countries like US and Australia wherein fuel prices are revised on a daily basis". Indian Oil Corp (IOC) Chairman Sanjiv Singh on Monday responding to the charges of government meddling in fixing of fuel prices said that Petrol and diesel prices in India are to a "large extent" aligned to worldwide rates.

Notably, the prices of petrol and diesel have been increasing in the recent past due to the rising price of crude oil in worldwide market and weakening Indian Rupee.

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Oil marketing companies determine the prices of petrol and diesel on the basis of three factors. The new prices came into effect at 6 am on February 2. Earlier, the prices of petrol and diesel changed fortnightly every month.

CLSA on Jaitley's decision said, "There has been some re-jigging of the excise classification (infra/road cess and basic excise) for petrol and diesel but effectively the overall excise burden is unchanged". "Considering that the Union government wants to invest in development of the infrastructure sector, this cess will be an additional source of income for this goal", Mr. Jain added.

Secondly, the government also provides a subsidy for fuel products in order to buffer against prices.

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