Economy

Pradhan backs daily price revision, favours bringing petrol, diesel under GST

Pradhan backs daily price revision, favours bringing petrol, diesel under GST”

The government is facing flack from the opposition and consumers alike after petrol price steadily rose to Rs 70.38 a litre in Delhi on September 12 from Rs 65.48 a litre on June 16.

The petrol prices were hiked yesterday by 7-8 paise per litre and diesel rate increased by 10-11 paise per litre in the four major cities, as part of the daily revision exercise, as a result of which the fuel rates are at an all-time high since August 2014.

The government can not change fuel prices on a knee-jerk basis, petroleum minister Dharmendra Pradhan said on Wednesday as stocks of state-run oil marketing companies (OMCs) tanked by as much as eight per cent following recent hikes in transport fuel prices.

The daily price revision means an instant transfer of a rise or decline in worldwide oil price to the consumer.

At present, petroleum products have been put outside the Goods and Services Tax Bill ambit.

Union Petroleum Minister Dharmendra Pradhan on Wednesday evening rejected a suggestion that oil marketing companies should absorb any further rise in crude prices in a big relief to the domestic refiners, hours after their stocks took a tumble in trading. Rates during the first fortnight dropped but have since July 3 been on the rise.

Earlier, when price changes were passed on only after a fortnight, sometimes fluctuations evened out within a fortnight without affecting prices at the petrol pumps. "Thereafter, it has increased mainly because of rise in global oil prices", he said.

"Should prices be hiked by Rs 2.50 or Rs 3 per litre in one go or they should be spaced out in small doses", he asked.

A working Saurav Banerjee from Kolkata said, "In the last six months it was still manageable.But now daily, there has been a price hike and there is no reduction. It should come down and is going beyond the common man's budget", he told ANI. Since July 1, petrol price in Delhi has risen by Rs 7.29 per litre to Rs 70.38 per litre today (Wednesday, 13 September, 2017), though this seems to be in line with the over 12% rise in the prices of the Indian basket of crude oil in rupee terms during the same period.

Diesel is being retailed at Rs. 58.72 per litre, Rs. 61.37 per litre, Rs. 62.37 per litre and Rs. 61.84 per litre respectively.



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