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No Relief on Petrol Prices Despite Fall in International Oil Prices

28 May 2018

Based on the data, the world's largest oil producer, Saudi Arabia, has the cheapest price among the top 10 consumers - $0.54 a litre for petrol and $0.13 a litre for diesel.

A litre of petrol sold at Rs 80.12 in Kolkata on Thursday and diesel sold at Rs 71.08 a litre.

Fuel is traded in dollars, so a weak pound makes the wholesale price more expensive for United Kingdom drivers.

Taxes account for between 37% and 47% of the retail price of fuel and dealer commissions between 3.8% and 4.8%. "This crisis has been created due to both a weakening rupee and rising crude (prices)", said a finance ministry official who did not wish to be named.

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"All we can do is hope the global forces - which have caused the oil price to rise - ease and take the heat out of prices on the forecourt". Voices against the Centre's tax on petrol and diesel are becoming common now.

According to the TOI report, government is reluctant to cut excise duty on petrol and diesel to reduce pump rates as it would affect revenue collection and reduce availability of funds for welfare programmes. This may be accompanied by a minor tinkering with excise duty rates to give immediate relief to consumers. "We are not going to call a strike but buses will automatically go off the road", Joint Council of Bus Syndicates' said.

File image of petroleum minister Dharmendra Pradhan. PIB.

"Supermarkets are highly influential in the price charged at pumps across the United Kingdom as, despite operating under 18% of all forecourts, they sell 45% of all fuel sold".

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The government raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October previous year by Rs2 a litre.

When asked whether petrol and diesel would be brought under the ambit of Good and Services Tax (GST), Pradhan underscored that the aspect was being considered by the Centre. States charge value added tax that varies from state to state.

Five years ago during the UPA government the crude prices were 40 per cent costlier than subsequent years.

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No Relief on Petrol Prices Despite Fall in International Oil Prices