After two consecutive hikes, petrol and high-speed diesel prices are likely to decrease by Rs 3 and Rs 8.50 per liter respectively for the next 15 days from August 1, mainly due to higher prices and import premiums in the international market. I am lacking.
Informed sources said that the prices of these important products in the global market have decreased by 2 dollars and 3 dollars per barrel respectively during the last 15 days.
However, depending on the final calculation and current tax rates, petrol price is likely to decrease by Rs 2.90 paise and diesel price by Rs 8.50 per litre.
Officials said that in the last 15 days, the average price of petrol in the international market has decreased from 89.50 dollars per barrel to 87.50 dollars, while diesel has decreased from 96.93 dollars to 94 dollars per barrel.
In the current 15 days, import premiums on both products have also come down, with petrol falling from $9 to $8.80 and diesel from $6.50 to $5 per barrel. During the day it was limited to a certain extent.
The government has raised the maximum limit of petroleum levy to Rs 70 per liter in the current finance bill so that in the next fiscal year, Rs 12.80 billion can be collected, as opposed to Rs 960 billion during the previous financial year. achieved Rs.91 billion more than the target of Rs.869 billion.
Currently, the price of petrol is Rs 275 60 paise and diesel is Rs 284 per litre. After the new prices, petrol will remain above Rs 272 while diesel will remain close to Rs 275 per litre, provided the government does not increase the rate of petroleum levy. Do it.
Petrol is mostly used in private transport, small vehicles, rickshaws and motorcycles and has a direct impact on the budget of the middle and lower middle class, on the other hand most of the transport sector runs on diesel. The price of diesel can lead to inflation as diesel is mostly used in heavy transport vehicles like trains, trucks, buses, tractors, tubewells and threshers and especially affects the prices of vegetables and other food items.
However, a drop in petroleum prices is rarely reflected in fares and prices of essential commodities.
Petrol and diesel prices were hiked by Rs 7.45 and Rs 9.56 per liter on June 30, followed by petrol and diesel prices hiked by Rs 9.99 and Rs 6.18 per liter respectively on July 16. Prices increased by Rs 17.44 and Rs 15.74 per liter respectively during the current month.
Between May 1 and June 15, the prices of the two products were reduced by Rs 35 and Rs 22 per liter respectively.
The government is levying a tax of around Rs 78 per liter on both petrol and diesel products, although GST is nil on all petroleum products, the government is levying a petroleum development levy of Rs 60 per liter on both products, which is usually But people are affected.
