According to the data from oil marketing major Indian Oil, petrol price rose to Rs 78.12 in Delhi from Rs 77.97 a litre on Saturday.
The levy will, however, be confined to crude produced from domestic fields. Petrol has gone up from 119.78ppl to 128.29ppl and diesel has increased from 122.54ppl to 131.15ppl. Today, the OMCs have raised petrol prices in the range of 13 paise to 15 paise per litre each in various state capitals. While the Centre has increased excise duty, certain States have increased Value-Added Tax and surcharge, which are having an impact on oil prices.
Under the scheme, oil producers, who get paid global rates for the oil they produce from domestic fields, would have to part with any revenue they earn from prices crossing United States dollars 70 per barrel mark.
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And he often calls for lower rates to help reduce double-digit inflation, a position that flies in the face of economic orthodoxy.
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The government continues to increase oil prices on both occasions when crude prices go up as well as go down, appropriating the amount of differences that accrue due to fall in crude prices.
Reacting to the statement of the Petroleum Minister, Odisha Finance Minister Sashi Bhushan Behera said he was trying to hide his inefficiency to control the hike in fuel prices. In the face of surging crude prices since December 2016, the government has slashed excise duty only once by Rs 2 in October 2017. Rising fuel prices is a crisis situation for the government.
When asked whether petrol and diesel would be brought under the ambit of Good and Services Tax (GST), Pradhan underscored that the aspect was being considered by the Centre. While other fuel retailers don't buy as frequently they will often match supermarket price rises which means they increase as the supermarkets do. The escalation of oil price and putting economic burden on the masses is purely motivated by political end in view and not at all because of rise in crude oil and therefore, this design should be opposed tooth and nail by all people, political parties and organizations.