Budget 2018: Petrol, diesel prices hit all-time high on Budget day

02 February, 2018, 10:22 | Author: Shannon Aguilar
  • The Oil and Gas Regulatory Authority had recommended a double-digit increase in pricesof HSD and other petroleum products

However, Finance Secretary Hasmukh Adia told a post-budget media briefing that the changes won't affect the customer.

As petrol is the basis of all trades, rise in price of petrol across several metros gives a significant indication that there will be an upward effect in inflation.

Branded petrol has basic excise duty of Rs 7.66 per litre which has been slashed to Rs 5.66 per litre. While the government has cut excise duty, petrol prices are likely to remain the same as a new road cess of Rs 8 per litre has been introduced.

The government has cut excise duty by Rs 2 and it now stands at Rs 4.48 per litre.

A sales tax of 30% and 19%, respectively, is levied on petrol and diesel in Karnataka, which is much higher than many states.

In the third week of January, petrol price in Mumbai surged to Rs 80.10 per litre followed by Kolkata which saw the second highest rate of petrol among metro cities.

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The diesel price goes up by Rs5.92, while the price of kerosene oil by Rs5.94.

The petrol and diesel prices do not come under the GST.

The latest uptick in crude price follows comments from Saudi Arabia that major oil producers were in agreement that they should continue cooperating on production after their deal on supply cuts expires at the end of 2018.

Meanwhile, spokesperson of the prime minister has issued clarification relating to increase in the petroleum prices.

Addressing a press conference post the presentation of the Economic Survey 2017-18 here, Subramanian said the present oil prices had impacted government finances and held back real economic activity. The government, however, may choose to levy an additional cess on diesel and petrol. The first factor is the price of crude oil in the global market, the second factor is the value of Indian Rupee against US Dollar at the time of import. Declining drilling activity for new oil production in the United States has further supported crude prices.

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