India trying to get resolution soon on rising fuel prices: oil minister

Petrol Diesel Prices in India Should go Down as International Crude Oil Rate Slips

Petrol and diesel prices rose for the 11th consecutive day on Thursday, with prices in Delhi touching Rs 77.47 for a litre of petrol and Rs 68.53 for a litre of diesel.

Oil Companies To Share The Burden After Petrol And Diesel Prices To Be Slashed:- The fuel prices in the country reached all time high and the Centre has been facing the heat. Instead, he plans on asking the state governments to reduce Value-Added Tax on petroleum products to bring relief in the prices while the Centre thinks over a long term solution.

Bharatiya Janata Party (BJP) president Amit Shah, on Tuesday, said that the government is working on a plan to check the spike in fuel prices.

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. Khalid al-Falih was quick to assure his Indian counterpart and the market at large that there is no fundamental reason why crude should be trading so high, even though earlier he had said Saudi Arabia would like to see oil at US$80 or even higher. Eight weeks later, on 23 May, their pump prices averaged 124.74ppl for petrol and 127.69ppl for diesel.

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It has also worked out the math of the amount of taxes that are shared with states as part of the devolution formula and what goes to the exchequer. "The price of petrol and diesel will automatically come down if the centre reduces excise duty", he said. The fiscal impact will, however, depend on the political headroom available for making energy price adjustments ahead of the elections, putting the Reserve Bank of India in a tough spot.

As of now, the excise duties levied by the Centre in last three years has gone up 105% (petrol) and 300% (diesel). "We are in discussions with them", said a second government official. The oil price issue indicates several economic implications for India, going forward. In October previous year, the Centre cut excise duty by Rs 2.

Criticising the government for the spiralling fuel prices, the Congress has demanded that petro products be brought under the Goods and Services Tax.

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