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Weak Indian Rupee mainly responsible for fuel price hike: Oil Minister

28 May 2018, 06:51 | Lionel James

Govt considers windfall tax on oil producers; ONGC drops 5%

No Relief on Petrol Prices Despite Fall in International Oil Prices

In the national capital, price of petrol rose to Rs 77.83 from Rs 77.47 per litre on day-to-day basis.

Similar to petrol prices, diesel prices were the highest in Mumbai on Sunday, with every litre being sold at Rs 73.53, instead of yesterday's Rs 73.36. The company meets about 70 percent of its oil needs through annual contracts deals, mainly with Middle Eastern producers. He favoured inclusion of petrol and diesel in GST.

RAC fuel spokesman Simon Williams said: "This is the worst series of consecutive daily supermarket price rises we have seen since we began monitoring this three and a half years ago".

It is learnt that the petrol and diesel prices continue to rise as oil companies passed on four weeks of relentless rise in global oil prices to consumers. "The price of petrol and diesel will automatically come down if the centre reduces excise duty", he said.

However, consumers can expect some relief as the Brent crude oil prices have eased to around $76 from $78 per barrel on Friday.

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In the event the government reduces excise tax by ₹10 and reverts to the pricing level of the UPA era, it will have a negative impact on the fiscal deficit and funding for social welfare programmes will dry up hurting the poor, Dr. Shenoy added.

"Reduction in central excise and Value-Added Tax is the only way for the Centre and the States to bring down the fuel price", he argued. In the face of surging crude prices since December 2016, the government has slashed excise duty only once by Rs 2 in October 2017.

Taxes account for between 37% and 47% of the retail price of fuel and dealer commissions between 3.8% and 4.8%. 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. In October past year, the Centre cut excise duty by Rs 2.

"The oil ministry is of the view to bring petroleum products under the purview of the Goods and Services Tax in order to bring down the prices of petrol and diesel", he said.

"The supermarkets are being very quick to pass on increases in the wholesale price of fuel".



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