Petrol Price: Are petrol prices still very high in your city? Center held them responsible for expensive oil

Petrol Price: Petroleum Minister Hardeep Singh Puri said on Thursday that six non-BJP ruled states – West Bengal, Tamil Nadu, Andhra Pradesh, Telangana, Kerala and Jharkhand – have not reduced VAT on petroleum products, due to which the prices of petrol and diesel there have increased. have increased. Puri told the Lok Sabha that following signals the central government has reduced excise duty on petroleum products and some other states have reduced their Value Added Tax (VAT).

Amid vociferous protests from opposition members, he said that six states—West Bengal, Tamil Nadu, Andhra Pradesh, Telangana, Kerala and Jharkhand—have not reduced VAT. The minister said, at present the price of petrol is the lowest in India. He said that the oil marketing companies together incurred a loss of Rs 27,276 crore due to high crude oil prices in the international markets.

put pressure to reduce VAT

“I suggest that the opposition MPs put pressure on their state governments to reduce VAT so that they too can join us,” he said. Puri said that India imports more than 85 per cent of its crude oil requirement. Hence, the prices of petrol and diesel in the country are linked to their respective prices in the international market.

prices depend on

He said the retail prices of petrol and diesel depend on various factors such as crude purchase price, exchange rate, shipping charges, inland freight, refinery margin, dealer commission, central tax, state VAT and other cost elements.

Explain that the average price of the Indian basket of crude oil increased by 102 percent (from US $ 43.34 to US $ 87.55) between November 2020 and November 2022, during this period the retail prices of petrol and diesel in India increased by only Rs. There has been an increase of 18.95 percent and 26.5 percent.

The minister said that despite record high international prices by public sector oil marketing companies (OMCs), petrol and diesel prices have not been increased since April 6, 2022.

As a result, three OMCs IOCL, BPCL and HPCL reported a combined loss of Rs 27,276 crore in the first half of the current financial year 2022-23, against a combined ‘profit before tax’ of Rs 28,360 crore in the first half of the current financial year 2021-22 Is.