Tuesday, 14 August, 2018

Dharmendra Pradhan urges Odisha Govt to cut Value-Added Tax on Petrol, Diesel

Govt considers windfall tax on oil producers; ONGC drops 5% India trying to get resolution soon on rising fuel prices: oil minister
Scott Davis | 28 May, 2018, 14:51

After moving to daily revision of fuel prices in June last year, the government had cut basic excise duty on petrol and diesel by Rs 2 per litre in October last year. Similarly, diesel prices in the national capital soared to Rs 69.17 per litre today, the highest recorded ever. Currently, in Delhi, the petrol price is Rs. 77.47, while in Mumbai, it touched Rs 85.29 per litre.

During that time more than 8ppl has been added to the average price at their pumps, analysis of RAC Fuel Watch data reveals.

The drop in crude oil rate came after Saudi Arabia, the de facto leader of OPEC (Organization of the Petroleum Exporting Countries) and Russian Federation, another top producer, mutually agreed to increase their outputs by almost 1 million barrels per day.

One way the government is considering to reduce the pressure on consumers is by introducing a windfall tax on local oil producers, to be activated in case worldwide prices exceed US$70 a barrel.

Overall average prices for the United Kingdom have increased even more over the same period as a result, rising nearly 8.5ppl, although they have not increased every day.

These prices are effective from 6 am on Monday. Rising fuel prices is a crisis situation for the government.




Petrol in Kolkata is being sold at the rate of Rs 80.76 and at Rs 81.11 in Chennai.

"Unfortunately, the higher oil price has come at a time when the pound has weakened considerably against the dollar".

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.

With no elections in sight, the chances of the centre or even the state governments reducing their taxes are quite slim and the only hope for us is the global correction in oil prices which are expected to fall below $60 from the current $75.34 price.

Subsequently, the revenue collected will be used to pay retail majors like Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) to absorb the fuel price hike. "The government will have to find a solution to this crisis", said RS Sharma, former chairman of ONGC.

Pradhan further said that the Centre under Prime Minister Narendra Modi will soon take quick measures to give some relief to the common people from the sky-rocketing fuel prices.

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