Petroleum price hike: A political game?

Longest run of supermarket fuel price rises for over three years

He further pointed out that less production of oil in the Organization of the Petroleum Exporting Countries (OPEC) and hike in crude oil price in the global market are some of the factors affecting the fuel price.

Burning a hole in public's pocket, the fuel prices on Sunday continued to skyrocket on the 14th straight day with petrol surging to a new high of Rs 78.12 per litre in Delhi.

The high levels of oil subsidy during UPA regime was on account of government compensating OMCs for selling petrol and diesel below market price during administered price regime. For example, for one litre of petrol costing Rs 70 the Central and state taxes amounted to Rs. 36.30 and oil price came to only Rs. 33.70 = Rs. 70.

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The government is considering a windfall tax on oil exploration and drilling companies such as ONGC, Oil India and Vedanta-run Cairn India as part of a plan to cushion consumers from rising crude prices.

Reacting to widespread criticism on the spiralling rise in price of petrol, diesel and the failure of the Centre to reduce taxes, Pradhan iterated that they are working on a long term formula.

The RAC's Simon Williams says supermarkets have been very quick to pass on increases in the wholesale price of fuel - far quicker than they've been to pass on falls in the wholesale price.

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"When crude prices were falling from November 2014, the repeated increase of duty was a strategic error of the government. We are trying to control the prices". In the face of surging crude prices since December 2016, the government has slashed excise duty only once by Rs 2 in October 2017.

"The oil ministry is of the view to bring petroleum products under the purview of the Goods and Services Tax in order to bring down the prices of petrol and diesel", he said.

He also asked the Odisha government to reduce Value-Added Tax on petroleum products to contain the cascading effect of rising fuel prices.

1 killed in fresh police firing, MHA seeks report from TN govt
The home ministry has asked the state government to provide details of the incident at Tuticorin , an official said. About 20 police officers were also injured in the skirmish, which occurred in the southern port city Tuticorin .

The ruling Biju Janata Dal (BJD) has made a decision to stage demonstrations across Odisha for three days against the steep rise in fuel prices.

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