Petrol, diesel prices on the boil as Modi Govt enters 5th yr

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Super 98 petrol has been priced at Dh2.63 per litre, up 14 fils from Dh2.49 per litre in April. Where Brent crude has reversed gains and is now trading near $74 per barrel from their four-year highs of $80 per barrel, the state-owned OMCs have continued to hike petrol prices to record level for 15th consecutive day. While petrol prices were hiked by 15 paise per litre in Delhi, Kolkata, Mumbai and Chennai, diesel prices were raised by 11-12 paise per litre.

Meanwhile, the cost of diesel per litre has also been increased and the revised prices in Delhi are - Rs 69.17 and Mumbai Rs 73.64 per litre.

Brent crude oil price has slipped almost $5 a barrel in last two days after rising to almost $80 per barrel mark, its highest level since 2014 last week. In July, 2013 crude oil price for Bent was $ 109.71 per Barrel which came down to $ 106 in July $ 2014 per Barrel, and the price further dipped down by 40 per cent in 2015.

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As per the pricing mechanism, the domestic petrol prices are dependent upon the global fuel price on a 15-day average. Eight weeks later, on 23 May, their pump prices averaged 124.74ppl for petrol and 127.69ppl for diesel.

A similar cess, like the windfall tax, was considered in 2008 when prices were on the rise.

Prices of petroleum products have hit an all time high in Indian history.

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The Petroleum Minister said he would not question states who need to generate revenue for welfare programmes, but when the Centre reduced excise duty in last October, some states like Odisha did not reduce Value-Added Tax. However, Bihar Deputy Chief Minister Sushil Kumar Modi on Sunday said that "it is a big misconception (among the people) that price of petroleum products will be reduced significantly if they are brought under GST ambit". Besides, he said that the sharp imbalance in dollar and rupee also plays a major role in the fuel price hike.

Taxes account for between 37% and 47% of the retail price of fuel and dealer commissions between 3.8% and 4.8%. "The government will have to find a solution to this crisis", said RS Sharma, former chairman of ONGC.

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