Central government puts additional tax of Rs10 on every litre of petrol. Petrol is costlier by some Rs 7.12 since the beginning of the year, while diesel is costlier by some Rs 9.49.Things could get worse, because sector analysts expect global crude oil prices to rise further over the next six months.
Petrol prices in Delhi breached Rs 77 a litre on Wednesday, recording a fresh high in prices since the last time similar levels were seen in September 2013.
The GST, which subsumed over a dozen central and state levies including excise duty, service tax and VAT, was implemented from July 1 but crude oil, natural gas, petrol, diesel and ATF were kept out of its purview for the time being.
Rising pump prices are already adding to inflationary pressure and are strengthening the case for a rate hike. This shows that higher petrol and diesel prices can not be ignored from a political viewpoint in our country.
"We have decreased our taxes already, but now rates are going up due to rising crude oil prices in the worldwide market".
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Presently, petrol and diesel prices hike is mainly in the Delhi, Mumbai and Chennai cities.
The government also does not want to lose revenue and is hoping for geopolitical tensions to ease and United States shale oil production to rise in order to ease oil prices.
"Fuel prices change as per the worldwide crude prices". This is happening because the petrol and diesel prices are broadly determined on the basis of crude oil price in the worldwide market and on the rupee-dollar exchange rates.
The BJP-led government had in June last year junked a 15-year old practice of revising rates every fortnight and introduced daily revisions which worked well except periods immediately preceding an election. "The Prime Minister is taking the matter seriously", the MoS Finance said. Under GST, the maximum tax slab is that of 28 per cent whereas the government is collecting much higher taxes by keeping petrol and diesel out of GST.
"The Indian government will take the common man into consideration and come up with short-term and long-term solutions", he said. Failure to do so will severely dent Modi's Mission 2019.