Former finance minister P Chidambaram has slammed the Modi government in a series of tweets over the skyrocketing petrol and diesel prices. Back in September 2013, the price had touched Rs 74.10 a litre. In Delhi, diesel was retailing at were at Rs 65.31 a litre, a new all-time high.
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Common man has reasons to worry as petrol and diesel prices are skyrocketing day-by day-in nearly all parts of the country.
The minor reduction in excise duty announced in October 2017 cost the government a whopping Rs 26,000 crore. "Then, why does the BJP government refuse to bring petroleum and petroleum products under GST?"
Petrol prices have gone up by more than 50 paise since the beginning of April, and diesel by more than 90 paise.
On Friday, Brent crude oil was priced around $73.56 per barrel, whereas in 2013 it was priced at over $100 a barrel. I don't see crude oil prices rising from here on. There may be no respite for the diesel users either with the selling price at its highest ever across the country. The price of crude oil, said former finance minister P Chidambaram was US$ 105, as compared to U.S. $ 74 now.
Petrol prices are at Rs 81.93.
"Petrol and diesel is deregulated commodity and the prices are market driven". Similarly, diesel price of ₹ 65.31 per litre in Delhi has excise duty of ₹ 15.33 and Value-Added Tax of ₹ 9.62, accounting for 38 per cent of the costs. However, shares of Hindustan Petroleum Corporation (HPCL) closed down 0.90 per cent at ₹ 298.85 while shares of Bharat Petroleum Corporation (BPCL) closed down 1.55 per cent at ₹ 371.7 in a flat Mumbai market on Friday.
Apart from global crude fuel prices, the domestic petrol and diesel prices depend on government taxes, both at the central and state level.