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Crude Oil price fall from 7-year high
Crude oil prices fell on Thursday after having climbed to a seven-year high as investors gauged supply issues and Fed policy tightening. Brent crude futures were fell 15 cents to trade at $89.81 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures fell 20 cents, sitting at $87.15 a barrel, according to Reuters
Why are petrol prices so high in India?
The petrol prices are higher than the neighbouring countries of Pakistan, Bangladesh and Sri Lanka. The government, over the years has added many taxes on the core fuel price, making it expensive for consumers. Moreover, geopolitical situations in the US and the Gulf nations also pressurizes the supply of crude oil, thus impacting petrol prices.
The government plans to bring about more measure to bring down the price of petrol in India. However, it remains to be seen if the states co-operate with the Centre, so that a long-term solution can be found to arrest the rising fuel prices in India.
Impact of GST on Petrol Prices
Petrol and petroleum products are out of the purview of the GST. Therefore, as of now, the GST system has no impact on petrol prices in all the States. There is a widespread speculation over the inclusion of diesel and petrol under the GST regime in future. Experts predict that there could be a combination of GST and VAT on petrol products, which is a policy followed in other countries. However, the ultimate decision on this will be taken by the Central government in times to come.
The Prime Minister said on Wednesday that the middle class would not have come to see these days if previous governments had reduced their dependence on foreign countries for India's energy needs. Instead of directly mentioning the hike in petrol and diesel prices, the Prime Minister said that in the year 2019-20, India had to import 85 per cent of its crude oil and 53 per cent of its gas from abroad.
He questioned whether a talented country like ours could be so dependent on foreign countries for fuel during the inauguration of oil and gas projects in Tamil Nadu. "I do not intend to criticize anyone," he said. But, if previous governments had focused on this issue, the middle class would not have been burdened so much.
"To become self-sufficient on the energy front, we need to focus on pollution-free solutions," he said. Our government is sensitive to the middle class. That is why we have allowed more blending of ethanol in petrol for the benefit of both consumers and farmers.
Gujarat and all Indian City Petrol Diesel Price In India Today. The usage and pricing of gasoline (or petrol) results from factors such as crude oil prices, processing and distribution costs, local demand, the strength of local currencies, local taxation, and the availability of local sources of gasoline (supply). Since fuels are traded worldwide, the trade prices are similar.
The Petrol Price list is available for the states like Andaman & Nicobar Islands, Telangana, Andhra Pradesh, Arunachal Pradesh, Puducherry, Punjab, Rajasthan, Sikkim, Tamil Nadu Assam, Bihar, Chhattisgarh, Dadra & Nagar Haveli, Daman and Diu, Delhi, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir. Diesel Prices are updated for Jharkhand, Karnataka, Kerala, Lakshadweep, Maharashtra and Manipur. Also for Meghalaya,, Tripura, Uttar Pradesh, Uttarakhand, West Bengal Mizoram, Nagaland, Odisha, and Madhya Pradesh
Why is diesel price different from petrol price in India?
In India, like many countries abroad, the base price of diesel is much more expensive compares to petrol. Due to the differential taxation structure between the centre and the states, diesel prices in in India have always remained much lower than that of petrol. Further, diesel has always been cheaper than petrol because it is used by farmers along with truck and bus fleets. Therefore, to reduce the burden on farmers and the transport fleet operators, diesel price is kept lower than petrol in India. Globally however, diesel is the most expensive of the auto fuels as the product has higher cost of production.
ALL MAJOR and SMALL CITIES Covered
- Mumbai
- Delhi
- Kolkata
- Chennai
- Ahmedabad
- Chandigarh
- Lucknow
- Ambala
- Ludhiana
- Bangalore
- Gurgaon
- Noida
- Jaipur
- Mohali
- Hyderabad
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