Published: Fri, April 20, 2018
Money | By Armando Alvarado

Petrol Prices Rise To 5-Year High, Diesel Costliest Ever

Petrol Prices Rise To 5-Year High, Diesel Costliest Ever

The senior Congress leader said that the govt has become clueless and floundering and is living off an oil bonanza.

Chidambaram pointed out the current petrol and diesel prices are higher than the fuel prices in May 2014 despite crude being cheaper than what it was then.

"For the last four years, the BJP government has lived off an oil bonanza". In Kolkata, diesel rates were at Rs 68.01, in Mumbai at Rs. 69.54 and in Chennai at Rs. 68.9. Previous highs in these cities were Rs 78.03 (Kolkata in August 2014), Rs 82.07 (Mumbai in March 2014) and Rs 76.93 (Chennai in July 2014).

In the national capital Delhi, the petrol is retailing at Rs 74.08/litre. Even a school child knows the answer. Diesel price in Mumbai has hit an all-time high and has made the situation worse. He blamed the ruling dispensation's "Tax the Consumer" policy.

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The rise in global crude prices is affecting rates in India nearly immediately as state-owned oil companies such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation in June 2017 chose to discontinue the 15-year practice of revising rates every fortnight, and instead, to do so daily.

Oil PSUs are free to price petrol and diesel according to the global rates and the government has no role in its pricing except for the taxation part of it that constitutes a major component in its rate.

Beside crude oil prices, fuel rates also depend on various government taxes.

Petrol, diesel, natural gas, crude oil and jet fuel are now not included in the GST, which essentially leads to producers not being able to set-off tax paid on inputs from final tax on product.

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