Petrol And Diesel Can Be Expensive By Up To Rs 10
Petrol and diesel can be expensive by up to Rs 10, but the government is making arrangements to stop the prices.
The government can douse the fire in the price of crude oil from the Russo-Ukraine war by cutting the excise duty.
The churning has started in the Finance Ministry regarding the reduction in excise duty charged by the Central Government on petrol and diesel.
Due to the war, the international price of crude oil has crossed $100 per barrel for the first time in the last 7 years.
Its direct impact can be seen on the financial health of the petroleum marketing companies of the country.
Petrol and diesel can be expensive: Crude prices can go up to 120 dollars.
The retail price of petrol and diesel has not increased for the past several weeks despite the rise in international crude oil prices.
Many international agencies have predicted the price of crude oil to go up to $ 120 a barrel if the war situation continues.
Petrol and diesel prices may increase by up to Rs 10.
According to sources, petroleum marketing companies want to increase the retail prices of petrol and diesel by at least Rs 10 per liter in the current circumstances.
This will boost retail inflation, which has already crossed 6 percent in January. In such a situation, the Finance Ministry is considering cutting excise duty on petrol and diesel.
Government eye on oil prices.
Just before Diwali last year, Prime Minister Narendra Modi announced a reduction of Rs 5 per liter in excise duty on petrol and Rs 10 per liter in diesel.
At present, the central government levies excise duty of Rs 27.90 on petrol and Rs 21.80 per liter on diesel.
Two days ago, Finance Minister Nirmala Sitharaman said that the rising price of crude oil is definitely a challenge for the government and the government is monitoring the whole situation.
Companies incurring a loss of Rs 8 a liter on oil, know what is the rating agency’s estimate.
Petrol-Diesel rates may go up again. Because oil companies are suffering a lot due to not increasing its price. This apprehension has been expressed by the domestic rating agency ICRA.
It says that since the announcement of the state elections in December last year, the new challenge that is arising at the global level is directly affecting crude oil.
On the contrary, oil companies are not able to increase the price. According to the agency, the prices of petrol and diesel are as low as Rs 8 per liter.
