Petrol and diesel prices is set to increase by Rs. 2 and Rs. 1 unless excise duty is lowered on them as per recent news! With inflation on negative side, most probably, government is trying to increase inflation by increasing petrol and diesel prices!
The basket of crude oil India imports has averaged $70.49 per barrel in the second fortnight of June against the May average of $58, sending alarm bells ringing, a petroleum ministry official said.
“We have to act to save our PSU,” he said. “The burden (of rising global oil prices) has to be shared equally between the companies, the government and consumers.”
Here is the complete news :
NEW DELHI: Government may increase petrol price by Rs 2 a litre and diesel by Re 1 per litre unless excise duty on the two fuels is cut to neutralise the impact of firming international oil rates.
State fuel retailers Indian Oil, Hindustan Petroleum and Bharat Petroleum lost Rs 135 crore per day on sale of petrol, diesel, LPG and kerosene and their annual revenue loss for current fiscal is estimated to be at Rs 38,700 crore. Source.
Consumer Information
Leave a comment