Congress holds protest against persistent hike on petrol, diesel

Frederick Owens
May 25, 2018

The meeting was organized to debate and discuss the socio-political scenario obtaining in the State, besides the price hike especially on Petrol & Diesel and expressed serious concern over the hardships confronting people due to wrong policies adopted by both State & Centre Govt. With the hike, the per litre cost of petrol touched Rs 85.65 in Mumbai and diesel rose to Rs 73.20.

The price of Petrol has peaked at record levels in other metro cities too, including Rs 85.29 per litre in Mumbai, Rs 80.42 in Chennai and Rs 80.12 per litre in Kolkata.

The cost of petrol and diesel has been hiked by Rs 3 and 2.77 respectively since May 14, following the 19-day temporary suspension in the wake of Karnataka elections.

Apparently, the OPEC has passed a unilateral decision of reducing the production of crude oils raising their prices in the worldwide market to as much as 80$ per barrel which has increased its demand than its supply. If the state government reduces Value-Added Tax, the prices are expected to stabilize in the market. In addition to it, states have Value-Added Tax the rates of which vary from state to state. Basically, despite drop in global crude oil prices ever since the Modi government came to power, the fuel prices in the country were not reduced proportionately. "If it (petrol and diesel) can be brought under GST, rates will come down", he told reporters here.

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Fadnavis' comment came amidst rising prices of petrol and diesel over which the opposition has been targeting the Narendra Modi government. Well the taxes, dealer commissions have more than doubled.

Petrol and diesel prices were raised for the 11th day in succession today as the state-owned oil firms gradually passed on to the consumer the increased cost of worldwide oil that had accumulated since a 19-day freeze was imposed just before Karnataka elections.

M. K. Surana, chairman of state-run fuel retailer and refiner Hindustan Petroleum Corp, said the government should review taxation of petrol and diesel to provide relief to the customer. The 11-day relentless price increases built pressure on the government for cutting excise duty to give immediate relief to consumers.

Though the government-owned Bharat Petroleum Corporation Limited or BPCL is yet to announce its quarterly earnings, its profit after tax had shot up to Rs 8039 crore in 2016-17 from Rs 5085 crore in 2014-15.

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