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All you must know about surge petrol, diesel prices

16-09-2017

Questions are being asked if Finance Minister Arun Jaitlely-headed GST Council will pay heed to Petroleum Minister Dharmendra Pradhan's suggestion on petroleum prices. "The Petroleum products' inclusion in GST only way for rational fuel prices," tweeted Dharmendra Pradhan as the petroleum prices reached three-year high. Bringing petroleum products under the GST regime will make the fuels cheaper. In Mumbai, petrol prices touched Rs 80 a litre while in Delhi, it is over Rs 70 per litre. If petrol is brought under GST, it may cost as little as Rs 38.10 in Delhi at 12 per cent GST rate. It was August 2014, when petrol prices breached Rs 70 mark the last time. Back then the crude oil prices was around USD 98 per barrel. But, now the crude oil prices are hovering around USD 50 per barrel. Read more...

Petrol prices may come down from Rs 70 to Rs 38 under GST. Will government do it?

Petrol and diesel prices have been surging sharply since June 16 after the dynamic daily pricing model for these fuels was introduced. Fuel prices have reached their highest in nearly three years now. Oil minister Dharmendra Pradhan has remained non-committal and maintained that the government does not plan to intervene and control the prices. He asserted that a cut in excise duties is "up to the Finance Ministry," according to the Indian Express. The opposition Congress accused the Modi government of meting out "step-motherly treatment" to the common man by raising petrol prices even as global crude oil prices were on the decline, as per PTI. But where do things really stand? Find out. Read more...

Petrol, diesel prices reach 3-year high: What you should really know about the sharp surge

Political rivals along with a section of economists are up to get goat of Finance Minister Arun Jaitley and Petroleum Minister Dharmendra Pradhan, blaming them for keeping the prices of petrol and diesel high to make up for the revenue deficit and 'looting' people at large. On the contrary, this is an unpopular decision, but full credit needs to be given to the NDA regime for sticking to this decision and believing in the economic benefits. It is good economics to keep the prices of petrol and diesel higher, especially when country is reforming the energy usage pattern and is dependent on the imports of oil to suffice demand. Read more...

Why govt's decision to keep diesel, petrol prices high is good economics

Indian Oil Corporation recently released a data in which it explained the whole price build-up and who charges what. Data showed that for 1 litre of petrol, IOC paid Rs 26.65 to refineries, which it later sold to dealers at Rs 29.96. Then dealer charged Rs 3.24 as commission. That made the total cost of fuel Rs 33.20. However, the data showed that government levied excise duty of Rs 21.48 and VAT Rs 14.76 which made the total price of petrol for consumers Rs 69.43 in Delhi on September 2. Same goes with diesel price. Currently, petroleum prices change on a daily basis. Read more...

Call for bringing petrol and diesel under GST grows: Will it benefit you?

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