Petrol, diesel prices: Relief unlikely as government may not cut excise duty

28 May, 2018, 14:51 | Author: Natasha Holloway
  • Longest run of supermarket fuel price rises for over three years

The petrol price was hiked by 15 paise per litre in Delhi as it surged from Rs 78.12 on Sunday to Rs Rs 78.

The petrol prices touched a new record in Mumbai and Chennai and rose to Rs 85.93 and Rs 81.11 per litre respectively, up from Rs 85.78 and Rs 80.95 per litre on Saturday.

The rise in fuel prices is drawing sharp criticism from the Opposition with agitations in many parts of the country being launched by the Congress.

The present oil price hike is due to three main factors - hike in global price of crude, fluctuation in dollar and Indian currency ratio and some of the tax issues are also there.

Two main factors are responsible for the fuel price hike: the rise in oil prices to over $80 a barrel, and the unfavourable pound/dollar exchange rate.

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

RAC fuel spokesman Simon Williams said: "Supermarkets are highly influential in the price charged at pumps across the United Kingdom. they sell 45 per cent of all fuel sold". While the Centre has increased excise duty, certain States have increased Value-Added Tax and surcharge, which are having an impact on oil prices. While the crude oil went below the mark of $30, fuel prices have not come down, accordingly. High oil price is going to inflict additional pain just as businesses and consumers were returning to normalcy after demonetisation and GST.

Besides, the state share in taxes like excise, the Centre does provide sixty to 70 per cent share in all centrally sponsored schemes to states like the PMAY, MGNREGS, NRHM, said Pradhan. During the day, it tanked 11.44 per cent to Rs 155.45. In October previous year, the Centre cut excise duty by Rs 2.

Understandably, the petroleum price hike is not an issue only for the vehicle owners but it is also equally important issue for the entire citizenry.

Although the persistent rise in domestic fuel prices is attributed to high crude oil prices, in the last four days prices of crude have receded, raising hopes of eventual ease in domestic fuel prices.

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