This price does not include excise duty or VAT. The excise duty levied on petrol is Rs On this, a further VAT of Rs Then comes the final retail selling price of petrol of On June 1. The retail price of diesel was Rs The base price is fixed at Rs With a freight levy of Rs 0. Click here to join our channel indianexpress and stay updated with the latest headlines. Karunjit Singh Why are fuel prices rising? Also in Explained IMF outlook and status of jobs.
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Yet, fuel companies chose to not increase rates even once in the months of March and April, coinciding with assembly elections in four states and one Union territory. The fuel companies actually cut rates thrice in March and once in April as against 16 price hikes in February, according to data collated by Care Ratings.
Lack of increase in fuel prices during elections is not surprising in a market like India where state owned oil marketing firms have over a 90 per cent market share. Earlier this month, the MPC had also flagged the impact of the high fuel prices on overall input prices. It had urged the central government and the state governments to cut taxes on petrol and diesel in a coordinated manner.
There are also concerns that an increase in fuel prices may have an adverse impact on discretionary expenditure as households cut the latter out to accommodate higher fuel prices. India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises. But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle. ThePrint has the finest young reporters, columnists and editors working for it.
Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here. Considering that almost every single commodity is transported by road at some stage, transportation costs are embedded into all costs. Hence the transportation costs that get embedded here will not reverse the moment the prices of fuel come down. That is a serious problem. While seven years ago, crude oil price constituted two-thirds of the fuel price, now taxes and other levies occupy this pace.
But in the current situation, nobody is doing that. As crude oil prices increase, fuel prices also increase. So today everybody is profitable except the consumer.
FactChecker tried emailing and calling Pradhan for a comment but did not receive a response. We will update the story as and when we do. In Sri Lanka, petrol costs an Indian equivalent of Rs Prices are lower in Afghanistan with petrol priced at Rs The central government has been pushing alternative ways to reduce the cost of fuel prices.
Under the National Policy on Biofuels , the government emphasised achieving energy security of the country with a target of reducing import dependence. However, Santosh Mehrotra, economist and visiting professor at Centre for Development, University of Bath, United Kingdom and former professor of Economics, Jawaharlal Nehru University in New Delhi, said implementation of alternative fuels will take time.
There is no logic in increasing fuel prices that are currently in use.
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