News Worms
News Worms


Petrol, diesel prices at three-year high

Petrol, diesel prices at three-year high

Earlier in the day, the Congress slammed the Prime Minister Narendra Modi-led government over spike in petrol, diesel prices and urged the Centre to pass on the benefit of 50 per cent reduction in global prices of crude oil to the common person. The total additional excise duty paid by users on petrol and diesel last fiscal is Rs 1,60,746.06 crore, affecting 21 crore registered vehicle owners in India.

Oil Minister Dharmendra Pradhan on Wednesday ruled out any government intervention to disrupt the daily revision in petrol and diesel prices despite the ₹7.3 per litre spike since July, saying the reform will continue. Retail price of gasoline rose above Rs 79 a litre in Mumbai on September 12, highest since 2014.

Defending hike in fuel prices, Mr Pradhan said that world refining capacity has come down by 13 per cent due to hurricane in United States of America due to which in last three months worldwide petrol prices have jumped by 18 per cent and diesel by 20 per cent.

The additional excise duty refers to an aggregate increase in the indirect tax imposed by the NDA government on petrol and diesel from November 2014 to January 2016 in eight instalments to gain from the falling global crude oil prices.

The government introduced a daily price revision system from 16 June.

He, however, remained non-committal on cutting taxes to soften the blow of the relentless rise in prices since the government need to finance huge infrastructure and social projects has to be balanced with consumer needs.

The two hurricanes to have hit the American shores in succession have hit the global refining capacity by as much as 13%, leading to a rise in the retail fuel prices in the worldwide markets, Dharmendra Pradhan said. "It is time that he passes of the benefit of 50 per cent reduction in global prices of crude oil to the common person and government stops looting people to fill up its coffers", he added.

"The government has no business to interfere in day-to-day operations of oil companies. government will interfere only to improve operational efficiency of oil companies", he said after meeting the heads of state-run firms. The price of petrol rose by 18% and that of diesel has gone up by 20% in the worldwide market over the last three months, he said.

Higher crude prices has been partly responsible for consumer price inflation accelerating at the fastest pace since March to 3.36% from a year earlier.

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