Maharashtra ready to bring petrol under GST: Devendra Fadnavis

Fuel prices record 13 revisions since last November

Fuel prices record 13 revisions since last November

In Delhi petrol was of Rs 77.47, in Kolkata it was Rs 80.12 and in Chennai it was Rs 80.42 per litre. In the last nine days, petrol price has risen by Rs 2.24 a litre and diesel by Rs 2.15. Petroleum Minister Mr. Dharmendra Pradhan was expected to meet the oil companies today to discuss their options. With fuel prices going up for the eleventh continuous day, demands to cut excise duty or state Value-Added Tax have grown louder. "On top of it, an excise duty cut is going to bloat it to at least 3.5%", Anjali Gupta, said Chief Economist at PhillipCapital India. India is the most taxed nation in terms of petroleum products among all South Asian nations.

Former Union Finance Minister and senior Congress leader P Chidambaram, in a series of tweets said the fall in worldwide oil prices between 2014 and early 2016 helped the government save ₹15 per litre but the government put an additional ₹10 on every litre of fuel.

The government has been assuring that it would be taking steps to reduce excise duty on petrol and diesel by at least Rs 2-4 but no such announcement was made tomorrow after the cabinet meeting.

Every rupee cut in excise duty on petrol and diesel will result in a revenue loss of Rs 13,000 crore. It is possible to cut up to ₹25 per litre, but the government will not.

The price of petrol was Nu 54.11 a litre and diesel Nu 50.57 on November 11 past year.

During the Delhi elections in 2015, PM Modi lauded his "oil luck" of how because of his good luck, prices of petrol and diesel get reduced and the common man saves more. This led to its excise mop up more than doubling to Rs 2,42,000 crore in financial year 2016-17 from Rs 99,000 crore in fiscal 2014-15.

The UPA government finally freed petrol price in June 2010 and the diesel rates were decontrolled by the current BJP government in November 2014. "We are following global prices based on an average of the last 15 days. GST will ensure a single tax". On the other hand, the Brent crude price was seen at $79.62 a barrel at one point.

The finance ministry has provided data on levies on petrol and diesel to the PMO. Since the time the hiatus ended on May 14, rates have gone up by Rs 2.84 a litre in case of petrol and Rs 2.60 in diesel.

Petroleum and diesel costs today were climbed in the scope of 19-31 paise per liter crosswise over Delhi, Kolkata, Mumbai and Chennai, denoting the eleventh straight day of climbs in the costs of oil and diesel. "There was no instruction from the government to hold prices during that time".

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