Crude oil cheaper, rupee strengthened but Petrol and diesel being costly daily.
Monday - May 28, 2018 12:33 pm ,
Category : WTN SPECIAL
When will Modi government give relief to public on oil prices
MAY 28(WTN) - Price of petrol and diesel in the country rises again today. Thus, the prices of petrol and diesel have increased in the 15th day on a steady basis. But the Modi government is not looking to give relief to the public. The Government argues that the price of petrol and diesel is being increased due to rising crude oil prices in the international market. But let you know that crude oil has been cheaper by five dollars per barrel in the last five days. But during these five days, petrol has become costlier by one rupee per liter.
Crude oil was around $ 80 per barrel on May 23, which has now dropped to $ 75 per barrel. Due to costly crude oil, prices of petrol and diesel in India were increasing every day for the past 15 days, so petrol become costlier at about one rupee per liter in the last five days. Due to the increasing in crude oil price in the international market, the government has increased prices of petrol and diesel, but now that crude oil has become cheaper, the government is not reducing the price of petrol and diesel.
The Government's argument behind being petrol and diesel costly is that the rupee has weakened against the dollar. It is true that in the past, the rupee had come down to 68 against the dollar, but till 11.30 am this morning the rupee has come around 67.42 against the dollar. In such a situation, the rupee has strengthened against the dollar in comparison to the previous day.
Even after the cost of crude oil decreasing and the dollar’s being strengthened, the Modi government has not yet taken any measures to control the prices of petrol and diesel. In many parts of the country, the price of one liter petrol has gone up from 80 rupees to 86 rupees. Petrol price in Delhi has gone up by 15 paise to 78 rupees 27 paise per liter, the price of petrol in Kolkata is 80 rupees 91 paise, 86 rupees 8 paise in Mumbai and in Chennai 81 rupees 26 paise per liter. If petrol and diesel price continues to rise every day, then in a few days the petrol can reach Rs.100 per liter.
Being petrol and diesel expensive daily, and anger between the public and opposition, the government assured that there would be decision, related to control on oil price, to be taken soon. It was also said that the government could bring petrol and diesel under GST. But after crude oil being cheaper in the international market and the rupee’s being strengthened against the dollar, if the government does not reduce the price of petrol and diesel, then questions will be raised on the government.
The Government argues that tax, collected from petrol and diesel, being used in the development work in the country. The government's logic may be correct, but taking tax of about 40 rupees per liter petrol raised questions on the government policy. If the government does not take any step on the rising prices of petrol and diesel, BJP may face defeat in the forthcoming assembly elections and Lok Sabha election. Now we have to observe how the Modi government takes measures so that prices of petrol and diesel can be controlled.
MAY 28(WTN) - Price of petrol and diesel in the country rises again today. Thus, the prices of petrol and diesel have increased in the 15th day on a steady basis. But the Modi government is not looking to give relief to the public. The Government argues that the price of petrol and diesel is being increased due to rising crude oil prices in the international market. But let you know that crude oil has been cheaper by five dollars per barrel in the last five days. But during these five days, petrol has become costlier by one rupee per liter.
Crude oil was around $ 80 per barrel on May 23, which has now dropped to $ 75 per barrel. Due to costly crude oil, prices of petrol and diesel in India were increasing every day for the past 15 days, so petrol become costlier at about one rupee per liter in the last five days. Due to the increasing in crude oil price in the international market, the government has increased prices of petrol and diesel, but now that crude oil has become cheaper, the government is not reducing the price of petrol and diesel.
The Government's argument behind being petrol and diesel costly is that the rupee has weakened against the dollar. It is true that in the past, the rupee had come down to 68 against the dollar, but till 11.30 am this morning the rupee has come around 67.42 against the dollar. In such a situation, the rupee has strengthened against the dollar in comparison to the previous day.
Even after the cost of crude oil decreasing and the dollar’s being strengthened, the Modi government has not yet taken any measures to control the prices of petrol and diesel. In many parts of the country, the price of one liter petrol has gone up from 80 rupees to 86 rupees. Petrol price in Delhi has gone up by 15 paise to 78 rupees 27 paise per liter, the price of petrol in Kolkata is 80 rupees 91 paise, 86 rupees 8 paise in Mumbai and in Chennai 81 rupees 26 paise per liter. If petrol and diesel price continues to rise every day, then in a few days the petrol can reach Rs.100 per liter.
Being petrol and diesel expensive daily, and anger between the public and opposition, the government assured that there would be decision, related to control on oil price, to be taken soon. It was also said that the government could bring petrol and diesel under GST. But after crude oil being cheaper in the international market and the rupee’s being strengthened against the dollar, if the government does not reduce the price of petrol and diesel, then questions will be raised on the government.
The Government argues that tax, collected from petrol and diesel, being used in the development work in the country. The government's logic may be correct, but taking tax of about 40 rupees per liter petrol raised questions on the government policy. If the government does not take any step on the rising prices of petrol and diesel, BJP may face defeat in the forthcoming assembly elections and Lok Sabha election. Now we have to observe how the Modi government takes measures so that prices of petrol and diesel can be controlled.
