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Home Business Misnomer to campaign that fuel prices are at all-time excessive: Dharmendra Pradhan

Misnomer to campaign that fuel prices are at all-time excessive: Dharmendra Pradhan

Misnomer to campaign that fuel prices are at all-time excessive: Dharmendra Pradhan
Image Source : PTI (FILE)

Misnomer to campaign that fuel prices are at all-time excessive: Dharmendra Pradhan

Petroleum Minister Dharmendra Pradhan on Wednesday stated petrol and diesel prices are ruled by a global value mechanism and it was a misnomer to campaign in such a manner that fuel prices are at an all-time excessive.

“In the last 300 days, there have been around 60 days of increase in price (and) in around 7 days in petrol and 21 days in diesel we have decreased the price. And for almost 250 days we have not increased or decreased prices. So, it’s a misnomer to campaign in that way that it is all-time high,” he informed Rajya Sabha.

Pradhan stated worldwide crude oil value is an indicator however worldwide product value is the benchmark.

“In our country state governments and the union government are careful about their tax collection because everybody has their own welfare commitment, developmental priorities for that they need some resources from this route. Petroleum price tax collection is a proven and substantial collection for state governments, the union government,” Pradhan stated.

The minister knowledgeable the House that prices of petrol and diesel have been made market-determined in June 2010 and October 2014, respectively. Since then, the Public Sector Oil Marketing Companies (OMCs) have taken applicable choices on pricing of petrol and diesel in keeping with worldwide product prices and different market circumstances.

The OMCs haven’t solely elevated but in addition decreased the prices of petrol and diesel in keeping with adjustments in worldwide prices and rupee greenback change price, he stated.

With an intention to scale back the prices of petrol and diesel and provides aid to customers, Pradhan stated the central authorities lowered the Central Excise responsibility on petrol and diesel by Rs 2 per litre with impact from October 4, 2017.

The central authorities additional lowered the Central Excise responsibility on petrol and diesel by Rs 1.5 per litre with impact from October 5, 2018 and Public Sector OMCs additionally lowered Rs 1 per litre to lower the general value of petrol and diesel. The central authorities additionally requested the state governments to make a discount of Rs 2.50 per litre in VAT imposed by them on petrol and diesel, he stated, and added 18 state governments and one union territory had lowered VAT on petrol and diesel.

READ MORE: Petrol, diesel prices at fresh highs; petrol crosses Rs 87 mark in Delhi

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