Wednesday, 15 August, 2018

Surging petrol prices may ease as crude cost declines

Petrol Diesel Prices in India Should go Down as International Crude Oil Rate Slips Govt considers windfall tax on oil producers; ONGC drops 5%
Kenneth Drake | 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.

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