Petrol, diesel prices on the boil as Modi Govt enters 5th yr

Govt considers windfall tax on oil producers; ONGC drops 5%

Govt considers windfall tax on oil producers; ONGC drops 5%

Currently, in Delhi, the petrol price is Rs. 77.47, while in Mumbai, it touched Rs 85.29 per litre.

Meanwhile, the cost of diesel per litre has also been increased and the revised prices in Delhi are - Rs 69.17 and Mumbai Rs 73.64 per litre.

Prices of the key transportation fuel in the other major cities of Kolkata, Mumbai and Chennai were at Rs 80.47, Rs 85.65 and Rs 80.80 a litre, up Rs 3.15, Rs 3.17 and Rs 3.37 from the levels on May 13, according to the data on the International Olympic Committee website.

Brent crude futures, the global benchmark for oil prices, traded at $74.76 a barrel on the ICE.

Overall average prices for the United Kingdom have increased even more over the same period as a result, rising nearly 8.5ppl, although they have not increased every day.

As the Modi government completed 4 years in office, the price of fuel continues to rise. The price on Monday slipped to $75.13, which analysts have linked to the decision taken by Russia, Saudi Arabia and United States of America to increase their fuel outputs.

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The price of petrol was increased by 15 paise per litre on Monday, taking it beyond Rs 86 in Mumbai.

"Unfortunately, the higher oil price has come at a time when the pound has weakened considerably against the dollar". The Central government levies Rs 19.48 excise duty on a litre of petrol and Rs 15.33 on diesel. During the day, it tanked 11.44 per cent to Rs 155.45.

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.

Following the hike in fuel prices workers of various opposition parties including Congress, All Assam Students' Union (AASU), Trinamool Congress (TMC), Nationalist Congress Party (NCP), and Biju Janata Dal (BJD) are staging protests in various parts of the country.

The government derives this idea from the basic principle that if upstream oil companies like ONGC and Oil India gain from hike in crude prices, then it is they who should pay the cess for the inconvenience caused by this hike.

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