1. Petrol, diesel price hikes: Dharmendra Pradhan takes to Twitter, defends fuel cost revision, supports Centre’s move, backs it with data

Petrol, diesel price hikes: Dharmendra Pradhan takes to Twitter, defends fuel cost revision, supports Centre’s move, backs it with data

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Thursday took to Twitter and backed government's daily revision of petrol and diesel prices move.

By: | New Delhi | Published: September 14, 2017 10:04 PM
Petrol price hike, diesel price hikes, rise in petrol price, rise in diesel price, Dharmendra Pradhan, Dharmendra Pradhan on oil price hike, petrol price in india, diesel price in india, Oil minister, Oil ministry, BJP government, international oil markets, GST on oil, taxes on oil, why petrol price increased Thee Oil minister explained some facts about the Indian and international oil markets. (Image: Reuters)

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Thursday took to Twitter and backed government’s daily revision of petrol and diesel prices move. In two of his tweets, the Oil minister explained some facts about the Indian and international oil markets. According to the stats presented by Pradhan, hike in petrol price in international market was as high as 18 per cent, but in India the same rose by 4 per cent in the past three months. Similarly hike in diesel prices was by up to 20 per cent in international markets and was again 4 per cent in domestic Indian market. “The Petroleum products’ inclusion in GST only way for rational fuel prices,” Pradhan had tweeted earlier as petroleum prices reached three-year high.

Previously the rates were changed every fortnight but since June 16 they are revised daily, Pradhan told PTI on Wednesday adding that the daily revision immediately passes on the benefit of any reduction in international oil prices to consumers and avoids sharp spikes by spreading them in small doses.

Pradhan also stated that the global prices have risen due to factors like hurricane in the US and there already are indications of “softening in the rates”.

The government currently imposes excise duty on both petrol and diesel and according the PPAC data, excise duty on petrol has increased by 54 per cent since November 2014. This has moved the average increase to 46 per cent with regard to the Value Added Tax (VAT) imposed on petrol, according to India Today report. Even the dealer’s commission has gone up to a massive 73 per cent. Same in the case of diesel where excise duty has splurged up to 154 per cent and VAT by 48 per cent. Even the dealer’s commission has increased by 73 per cent. The excise duty on petrol and diesel has been increased on 12 occasions since 2014.

  1. J
    Jayesh Sheth
    Sep 15, 2017 at 11:21 am
    before 2014 where the minister was visited when crude went 110$ per barrel and we are getting at 78Rs. per liter..Even there is no economic growth and govt main income is to collect excise duty on petrolium proucts and stt on stock market.For long run it will become a great problem for continue if this trend is continue. because shortfall of monsoon and even nidterm election is also on the card.because it will creat a financial crunch.only govt. collecting money from this and disinvestment by public holding>the picture looks not good as per my knowledge.
    Reply
    1. M
      M Ramesh 1
      Sep 15, 2017 at 7:22 am
      When the prices reduced the central govt increases the taxes which was done at least six times by the modi govt and the star govt increased the vat and additionally four rupees .the govt is taking the people of this nation for granted.
      Reply
      1. U
        Uday Barad
        Sep 15, 2017 at 5:39 am
        Union Minister of Petroleum and Natural Gas Dharmendra Pradhan has given bull explanation and is totally different from what FM Arun Jaitley had given earlier in parliament when crude oil prices were lower and petrol prices were higher.....!!! NOR Pradhan as justified increase in excise duty.....!!! Does he ever know that India is the only country in the world that imposes highest Excise tax on both petrol and diesel...???
        Reply

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