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If the center and the state government wish, then there may be petrol-diesel cheaper

Tuesday - September 11, 2018 2:33 pm , Category : WTN SPECIAL

Some decisions to be taken, Petrol-Diesel to be cheaper 10 to 15 rupees per liter 

SEP 11 (WTN) - Prices of petrol and diesel are increasing every day in the country. If this happens, then a few days later, petrol in India could be sold up to Rs 100 per liter. Today, the price of petrol in Maharashtra has crossed Rs 90 per liter. In fact, the taxes of central and state governments are so high, due to which the prices of petrol and diesel are going high.

It is true that the prices of petrol and diesel are rising daily due to the decline of rupees against dollar and the rise of crude oil price, but the truth is that the taxes of the central and state governments are also very high.

For your information, let you know that excise duty has been doubled in petrol and diesel in the last four years. In the year 2014-15, the central government earned Rs 99,184 crore, while in 2017-18 the earnings increased up to Rs 2,29,019 crore.

State governments also impose their own taxes on petrol and diesel. The revenue of the states has also increased from Rs 1.37 lakh crore to Rs 1.84 lakh crore in 4 years.

Economists here suggest that if the center and the state governments reduce some tax, and they change some policies, then the prices of petrol and diesel may be reduced.

Firstly, it is very important to keep the petrol-diesel under GST. At present, near about 50 percent tax (central and state) is added in the price of petrol. The highest rate of GST is 28 percent. If a separate bracket of 35 or 40 percent is composed for petrol and diesel, then their price may decrease.

ONGC i.e. Oil and Natural Gas Organization supplies 20% of crude oil to the country's demand. If the government asks ONGC to sell cheap petrol-diesel to the retailer, then fuel can be even cheaper. Not only that, the government can take fewer dividends from ONGC.

One advice to the government is that even the government can start futures trading of petrol and diesel. This will help in determining its true price. Their futures contracts can be launched. Customers can buy these contracts at the expense of now, and can give their delivery on a fixed date in the future.

It has been observed that compared to European countries, OPEC, which is a group of countries which importing petroleum, sells crude oil expensive to Asian countries including India. This is called Asian Premium. If Prime Minister Narendra Modi puts pressure on OPEC with other Asian countries, then may be possible, India will import crude oil at cheaper prices.

If the government can’t do so much then at least the central government can reduce excise duty and the state government VAT tax. The Policy Commission has also said that the state governments should reduce VAT by up to 15%. Granting of petrol-diesel prices depends on the central and the state government’s propensity, but it seems that there is a lack of will power.
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