Surging petrol prices may ease as crude cost declines
Surging petrol prices may ease as crude cost declines
Govt considers windfall tax on oil producers; ONGC drops 5%
28 May, 2018, 14:50
The statement of Pradhan came following the hike in petrol and diesel prices on a daily basis for last few days. In other three metro cites, petrol is available at Rs 80.76 in Kolkata, Rs 85.93 in Mumbai and Rs 81.11 in Chennai.
In addition, price in Kolkata inched up to Rs 80.76, against 80.61 per litre on the previous day.
The present oil price hike is due to three main factors - hike in worldwide price of crude, fluctuation in dollar and Indian currency ratio and some of the tax issues are also there.
After hitting a high of $84.47 on May 14, the brent crude oil prices have plummeted by almost $9 over the past fortnight.
Under the scheme, oil producers, who get paid worldwide rates for the oil they produce from domestic fields, would have to part with any revenue they earn from prices crossing $70 per barrel mark.
During the UPA government, with a little rise in petroleum prices the opposition parties raised a hue and cry. But now under the NDA government for every litre of petrol the consumer has to pay more than 50 % of its value as Central and state government taxes. As per International Olympic Committee data, petrol is priced at Rs 41.80 per litre in Delhi. In 2016-17, the government's revenue from the petroleum sector was Rs 5.24 lakh crore, accounting for 3.5 per cent of GDP. "The government will have to find a solution to this crisis", said RS Sharma, former chairman of ONGC. Besides, he said that the sharp imbalance in dollar and rupee also plays a major role in the fuel price hike.
The tax could be used in two ways - as a subsidy to fuel retailers for absorbing the hikes and not passing them on to consumers or compensation to the government if it cuts the excise duty.
Indian Oil (IOC), the country's top refiner, will turn to its traditional oil suppliers, mostly in the Middle East, if USA sanctions against Iran result in supply disruptions, its head of finance said.
Some far western N.C. counties along the Georgia border could see as much as 10 inches of rain, NOAA reported Friday. According to the National Hurricane Center , tropical storm watches are now in affect for parts of Mexico and Cuba.
Tam Hunt took photos Monday of his neighbor's house, showing the ominous cracks splitting the ground under the home. It's very eerie", Jim Kauahikaua, a scientists with the US Geological Survey, told reporters Wednesday.
At least one government informant met several times with two of Trump's former campaign aides, officials have said. He added: "Maybe a special counsel, special prosecutor, never should have been appointed".
The ultimatum was clear, but Trump's understanding of the history of disarmament in Libya was not. "We went in there to beat him". The episode should remind us that, as long as North Korea has nuclear weapons, we are a hair's breadth from nuclear war .
He also visited Putin in Moscow in October 2015, soon after Russian Federation launched its military operation in Syria . He said the two also discussed economic cooperation and growing investments by Russian companies in Syria.
The Department of Health and Human Services did not immediately respond to a request for comment on Wednesday's incident. Jerome Adams, jumped in Wednesday, when a passenger aboard a Delta flight lost consciousness.
That put her in good company, as she finished ahead of three-time victor Helio Castroneves and a number of other Indy 500 winners. She was surrounded by autograph-seekers all month, and she got one of the loudest ovations during driver introductions Sunday.
The Saudi meteorological authority said on Sunday that winds blew at 60 kilometres per hour, kicking up blinding dust storms. State-run Oman Television showed footage of large areas covered with floods in Dhofar and the nearby Al-Wusta provinces.
Weinstein was formally charged with rape and other acts of sexual misconduct . "The first Bill Cosby trial ended in a mistrial". On Megyn Kelly Today , when asked what she would like to say to Weinstein if he might be listening, McGowan said, "We got you".
The ruling could also impact how public officials use social media platform in general, including Facebook and YouTube. Noah Feldman, a Harvard law professor, said he thinks the case was wrongly decided and expects it to be reversed.
Pakistan win softens damage from brutal low blow
Set just 64 for victory on the fourth morning, Pakistan finished on 66 for one before lunch to go 1-0 up in this two-match series. Anderson bowled Azhar in the third over but Sohail didn't hang around, hitting six fours and a six in a 32-ball knock.
Lega Party Calls on Italian President to Elect New Parliament
The prospect of Italy's government going on a spending spree on promised tax cuts and welfare benefits roiled markets last week. Conte gave up on the bid to form a government after President Sergio Mattarella vetoed his choice for economy minister .
What's The Deal With GDPR And Your Online Privacy?
Facebook has been put under increased control over how it uses the data of users after the scandal with Cambridge Analytica . European privacy regulators signalled that they were ready to flex their muscles but were not "sanctioning machines".
Kerala Tourism industry stabilising after Nipah setback
The Collector said that the advisory has been issued by the hospitals to their staff and a press release has been given to them. The presence of the Nipah virus was confirmed after tests conducted on Sabith's brother Muhammed Salih, who died on May 18.
Boston Celtics Pride: The growing legend of Jayson Tatum
George Hill added 20 points, while Jeff Green and Larry Nance came off the bench to deliver 14 and 10, respectively. He didn't play at all in the first quarter, as the offense languished and shots repeatedly clanged off the rim.