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Petrol and diesel prices have been rising in the country. On Wednesday, diesel cost has touched the highest level of Rs70.20 in Mumbai, while petrol prices are at an all time high at Rs82.48 since September 2013. Petrol prices in Delhi are at Rs. 74.63 per litre, in Kolkata petrol prices are at Rs77.32 per litre and Rs77.43 per litre in Chennai, as given on the website of Indian Oil Corporation. Diesel prices have also been constantly rising at Rs. 65.93 per litre in Delhi, Rs. 68.63 per litre in Kolkata and Rs. 69.56 per litre in Chennai. Currently, petrol and diesel prices are revised by oil marketing companies on a daily basis effective 6 am.
The government, however, has hinted that there are very slim chances of cut in the excise duty. On the question of decreasing excise duty, Finance Secretary Hasmukh Adhia earlier this week said, “Not as of now. Whenever we review it, we will let you know.”
The Narendra Modi government has raised excise excise duty nine times since coming to power, not passing the benefit of reduced global crude oil prices to customers. Last year in October the government cut the tax once by Rs. 2 per litre.
Dharmendra Pradhan, oil minister, said, at an event which was organised for the launch of Euro-VI grade petrol and diesel, “India needs market pricing to provide oil to all.” Given high global crude oil prices he sais, “When crude oil prices rise, naturally consumer feels a pinch.” Currently, we import around 80 percent of the fuel requirement of the country.
Crude oil touched the highest level of $110 barrel in 2013 and is currently trading at $75. Customers are facing the pinch due to high excise duty imposed by the government. Before June 2017 petrol and diesel prices were revised on a fortnight basis. However, to bring transparency the government started revising it on a daily basis.
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