May be 20 percent hike in petrol and diesel
Thursday - April 26, 2018 12:53 pm ,
Category : WTN SPECIAL
This news is related to your budget. Because, in the future, you may have to spend more money for petrol and diesel. We are saying this because, according to the World Bank's Commodity Market Outlook report, this year, oil prices may increase up to 20 percent. And if this happens then its direct effect will be on your pocket. India imports about 82 percent of its oil needs. In such a case, if oil prices rise, it is natural to increase inflation too.
These days crude oil prices are running at $ 74 per barrel in the international market. According to the information, crude prices are estimated to be on average 65 dollars per barrel in 2019. At the same time, in the year 2017, its price was $ 53 per barrel.It is said that the price of crude prices is expected to decline from April 2018 levels.
Now every day the prices of petrol and diesel are reviewed in India. Petrol and diesel prices are the highest in South Asian countries at this time in India. The reason for expensive oil prices is the tax imposed by the Indian government. Due to this tax, petrol and diesel prices are so high in India.
In view of the public outrage, the Petroleum Ministry had sought reduction of excise duty to reduce the prices of petrol and diesel at the beginning of the year, thereby giving relief to the consumers from rising oil prices in the international market. But this could not happen. Finance Minister Arun Jaitley did not accept this fact in this year's budget.
The Central Government has increased the excise duty by 9 times from November 2014 to January 2016, while the oil prices in the world oil market have dropped significantly. When the public protested fiercely due to the massive increase in oil prices, the central government had reduced excise duty of Rs 2 per liter only once in October last year.
Even after the oil prices continued to rise, the Central Government had asked the State Governments to reduce some tax on oil, the state government did not consider this as much as it was, only 4 States Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh governments only reduced tax.
If the oil prices increase by 20 percent in the coming time, then the BJP government may have to face the problem. Because at the end of the year there are assembly elections in Rajasthan, Madhya Pradesh and Chhattisgarh. In such a situation, the Central Government has a constant eye on oil prices.
These days crude oil prices are running at $ 74 per barrel in the international market. According to the information, crude prices are estimated to be on average 65 dollars per barrel in 2019. At the same time, in the year 2017, its price was $ 53 per barrel.It is said that the price of crude prices is expected to decline from April 2018 levels.
Now every day the prices of petrol and diesel are reviewed in India. Petrol and diesel prices are the highest in South Asian countries at this time in India. The reason for expensive oil prices is the tax imposed by the Indian government. Due to this tax, petrol and diesel prices are so high in India.
In view of the public outrage, the Petroleum Ministry had sought reduction of excise duty to reduce the prices of petrol and diesel at the beginning of the year, thereby giving relief to the consumers from rising oil prices in the international market. But this could not happen. Finance Minister Arun Jaitley did not accept this fact in this year's budget.
The Central Government has increased the excise duty by 9 times from November 2014 to January 2016, while the oil prices in the world oil market have dropped significantly. When the public protested fiercely due to the massive increase in oil prices, the central government had reduced excise duty of Rs 2 per liter only once in October last year.
Even after the oil prices continued to rise, the Central Government had asked the State Governments to reduce some tax on oil, the state government did not consider this as much as it was, only 4 States Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh governments only reduced tax.
If the oil prices increase by 20 percent in the coming time, then the BJP government may have to face the problem. Because at the end of the year there are assembly elections in Rajasthan, Madhya Pradesh and Chhattisgarh. In such a situation, the Central Government has a constant eye on oil prices.
