Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Thursday took to Twitter and backed government’s daily revision of petrol and diesel prices move. In two of his tweets, the Oil minister explained some facts about the Indian and international oil markets. According to the stats presented by Pradhan, hike in petrol price in international market was as high as 18 per cent, but in India the same rose by 4 per cent in the past three months.
Similarly hike in diesel prices was by up to 20 per cent in international markets and was again 4 per cent in domestic Indian market. “The Petroleum products’ inclusion in GST only way for rational fuel prices,” Pradhan had tweeted earlier as petroleum prices reached three-year high.
Previously the rates were changed every fortnight but since June 16 they are revised daily, Pradhan told PTI on Wednesday adding that the daily revision immediately passes on the benefit of any reduction in international oil prices to consumers and avoids sharp spikes by spreading them in small doses.
Pradhan also stated that the global prices have risen due to factors like hurricane in the US and there already are indications of “softening in the rates”.
The government currently imposes excise duty on both petrol and diesel and according the PPAC data, excise duty on petrol has increased by 54 per cent since November 2014. This has moved the average increase to 46 per cent with regard to the Value Added Tax (VAT) imposed on petrol, according to India Today report. Even the dealer’s commission has gone up to a massive 73 per cent. Same in the case of diesel where excise duty has splurged up to 154 per cent and VAT by 48 per cent. Even the dealer’s commission has increased by 73 per cent. The excise duty on petrol and diesel has been increased on 12 occasions since 2014. Read more
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