Thursday, 20 September, 2018

Bring petrol, diesel under GST immediately: Former FM Chidambaram

Since 16 August petrol prices have risen by over ₹ 2 per litre. Diesel prices have risen by ₹ 2.42 a litre during this period Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai
Andy Castillo | 04 September, 2018, 17:26

While petrol costs ₹86.72 a litre, diesel is priced at ₹75.74 a litre. To reporters on the sidelines of a conclave organised in Surat, Pradhan said on Sunday that the factors responsible for drop in production of crude oil have caused a spike in fuel prices in India.

In Delhi, the petrol price has been risen to a record ₹79.

Taking a dig at the Narendra Modi-led government, Andhra Pradesh Chief Minister Chandrababu Naidu today said that the petrol would be soon sold at Rs 100 per litre. However, it has been reported that efforts are on to bring petrol and diesel under the ambit of the Goods and Services Tax (GST), which could give some respite from rising fuel prices.

Petroleum prices, which are determined by the cost of crude oil in global markets, may continue to go up as the worldwide markets are under pressure due the United States sanctions on Iran and Saudi Arabia's decision to cut oil production. "Secondly, global currencies have weakened against the USA dollar", Pradhan had said in Surat.

While fiscal deficit means expenditure higher than income, current account deficit (CAD) is the difference between the inflow and outflow of a foreign currency.

In an election year, the spending cut is not an option, the official said reasoning that it would hamper government's spending on development schemes. The price of crude oil went up to $78.05 per barrel on Tuesday from $77.37 per barrel on Monday.

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CAD will widen but will not jeopardise India's external position, and the gap will remain significantly narrower than five years ago, it had said.

There is no price increase for diesel or illuminating paraffin.

Nearly half of the fuel price is made up of taxes.

The price build-up of petrol in Delhi includes excise duty of ₹19.48, dealer commission of ₹3.63, and Value-Added Tax of ₹16.83 (including Value-Added Tax on dealer commission). There is a pressure on oil prices due to decrease in production.

Diesel now costs Rs?75.54 per litre in Mumbai.

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