On May 22, petrol and diesel prices were raised across the country for the ninth consecutive day as oil marketing companies (OMCs) relentlessly kept on passing on the increase in worldwide fuel prices to the consumers after a 19-day price hike freeze apparently for the Karnataka polls.
Thursday saw an increase of 30 paise in the price of petrol in Delhi. Petrol is costlier by some Rs 7.12 since the beginning of the year, while diesel is costlier by some Rs 9.49.Things could get worse, because sector analysts expect global crude oil prices to rise further over the next six months.
"The government is keen that instead of having an ad hoc measure it may be desirable to have a long-term view which addresses not only the volatility but also takes care of the unnecessary ambiguity arising out of frequent ups and downs", Law Minister Ravi Shankar Prasad told a news conference. The prices came into effect at 6 am today. Oil PSUs have also maintained that no order has been passed by the government yet while admitting that sudden price hikes can trigger a situation of panic as seen in the last few days.
What one can be assured of is, in-spite of rising barrel prices during the tenure of the Congress-led government, they had managed a great job in keeping hold of the prices of crude oil in India.
"It is possible to cut up to Rs 25 per litre, but the government will not". Currently, petrol is taxed at a little over 100 percent and for diesel, the taxes come at around 66.48 percent.
Hike in Petrol and diesel prices across the country continued for the eleventh consecutive day on Thursday. The cut is likely to be in the range of Rs 2 to Rs 4 a litre, they added.
Fuel price: ONGC supplies an estimated 20 per cent of the country's total crude oil requirement to refining-cum-marketing companies IOC, HPCL and BPCL.
"During the year 2015 when the Union govt reduced the rates of petrol and diesel by Rs 2 per litre, Delhi govt immediately raised Value-Added Tax on 14 July, 2015 on petrol from 20% to 25% and on diesel from 12.5% to 16.6%".
As per the revenue collection projections of the Union finance ministry, the government hopes to generate over Rs 2.579 lakh crore by the end of this fiscal by levying taxes on petroleum products alone, a massive jump from the gross revenue collection of Rs 88,600 crore in 2013-14. State sales tax or VAT varies from State to State. About 50 per cent of the price of petrol and 40 per cent of the price of diesel that a consumer has to pay is the tax levied by the Central and the state governments.
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