The retail price of petrol touched Rs85.29 a litre in Mumbai today as oil PSUs extended price revisions for the eleventh straight day after a 19-day break for the Karnataka polls till 14 May. "It also puts additional tax of Rs 10 on every litre of petrol", Chidambaram added. Thus reducing the prices of petrol by INR 25 per litre.
In Madhya Pradesh's Bhopal city, the petrol price touched Rs 82.47 per litre while diesel reached at Rs 71.66 per litre.
Another option before the government is to convince the states on bringing petrol and diesel under the GST regime.
"It is also likely to have a negative effect on consumer spending as putting fuel in the auto to get to work takes priority over shopping and eating out".
While HPCL, another state-owned OMC, recorded a drop of 4 per cent in its March quarter profit, the overall FY18 net profit was highest ever for the company at Rs 6,357 crore.
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"(The) issue of frequent hike in fuel price is a matter of debate and concern.
The petrol and diesel prices in state capital Thiruvananthapuram has gone up by 38 and 24 paise respectively.
It is known fact that the crude oil prices determine the fuel rates in our country.
"During the year 2015 when the Union govt reduced the rates of petrol and diesel by Rs 2 per litre, Delhi govt immediately raised Value-Added Tax on 14 July, 2015 on petrol from 20% to 25% and on diesel from 12.5% to 16.6%. We believe all petroleum products should come under the goods and services tax (GST)", said Sanjiv Singh, chairman of IOC. The 11-day relentless price increases built pressure on the government for cutting excise duty to give immediate relief to consumers.
Under the Manmohan Singh government, the prices of petrol and diesel were regulated and subsides were given to ensure that prices were tolerable and fuels remained cheaper.
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In all, duty on petrol rate was hiked by Rs11.77 per litre and that on diesel by Rs13.47 a litre in those 15 months that helped governments excise mop up more than double to Rs242,000 crore in 2016-17 from Rs99,000 crore in 2014-15.
The government's refusal to provide any relief to the common man has invited sharp attack from the Opposition as well as the common man, which is reflected in the social media.
India is particularly at risk from stronger global prices for crude oil as it is the No.3 importer of the commodity buying about 80 percent of its oil needs.
A shrinking supply of crude oil from Venezuela has also contributed to a similar effect of a rise in price.
This makes Modi's task all the more complicated, challenging and politically more risky. Time is at a premium.
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