Trying To Find Immediate Solution For Fuel Prices: Dharmendra Pradhan

28 May, 2018, 11:22 | Author: Franklin Nunez
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Domestic petrol prices increased for the 14th consecutive day on Sunday, with the key transportation fuel being sold at Rs 78.12 per litre in the national capital.

On April 5, a litre of petrol was at Rs 73.98 in Delhi.

According to him, the Ministry is considering bringing petroleum products under the purview of the GST in order to bring down the prices of petrol and diesel.

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In 2018, petrol price in Mumbai has already reached Rs 85.93 a litre on May 27.

The union minister said the central government had in October a year ago reduced the excise on fuel by Rs 2 per litre keeping in view the interest of the poor people.

Despite the decline in worldwide crude oil prices, fuel prices continue to soar in India. BJP president Amit Shah had last week said that a solution to rein in sharp rise in petrol and diesel prices would be found soon.

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The rises are due to the price of oil increasing to more than 80 United States dollars, combined with a weakening of the pound. In other words, it pocketed the gains of low crude prices while transferring the pain of high crude prices to the consumers. The oil marketing companies were restrained from passing on the small hike in the price of LPG to the consumers.

Soaring petrol and diesel prices may be causing a massive financial burden on people at large but there appears no respite in sight. We should remember that NDA government raised excise duty on nine occasions between November 2014 and January 2016 increasing its excise collections from mere Rs 99,184 crore in FY 15 to Rs 2,42,691 crore on FY17 and nearly similar collections in FY 18.

The Union Government has been drawing flak from all quarters for high fuel prices. While New Delhi was quick to increment the fuel charge when the global rate went up, it is expected to exhibit a similar market-volatility for lowering the prices. "This will not only reduce the fuel prices but will also increase the government's revenue", Gadkari said. "We are not going to call a strike but buses will automatically go off the road", Joint Council of Bus Syndicates' said.

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