Oil companies increased the price by 80 paise for the fourth time, increased by 3 rupees 20 paise in five days
Petrol and diesel prices have been hiked for the fourth time in the last five days. On Saturday also, oil companies have increased the prices of petrol and diesel by 80-80 paise. Now petrol is getting Rs 98.61 / liter and diesel Rs 89.87 / liter in Delhi. Earlier, on March 22, 23 and 25, there was an increase of 80-80 paise. As soon as the elections were over in 5 states, the process of increasing the price of oil started. Oil prices were stable for 137 days. In the month of February, the last five days have been increasing inflation. Since 22 March till now, the prices of LPG and CNG-PNG have been increased, while the prices of petrol and diesel are also increasing continuously. You can give your opinion on rising inflation here.
inflation week
On March 22, the prices of petrol and diesel were increased by 80-80 paise. The price of domestic gas was also increased by Rs 50.
On March 23, petrol and diesel became costlier by 80-80 paise for the second time.
On March 24, there was relief from the increase in the prices of petrol and diesel, but the prices of CNG-PNG became expensive by up to Re 1.
On March 25, the prices of petrol and diesel were increased by 80-80 paise.
On March 26, for the fourth time, the price of petrol and diesel has been increased by 80-80 paise.
Moody’s claims – prices will increase gradually
Recently, Moody’s Rating Agency had released a report saying that India’s top fuel retailers IOC, BPCL and HPCL have lost revenue of about $ 2.25 billion (Rs 19 thousand crore) between November and March. The rating agency said, we expect the government to allow the refiner to increase the prices to avoid losses. On increasing by 80-80 paise for two consecutive days, Moody’s said that this indicates that the prices of petrol and diesel will be increased gradually, not by increasing them at once.
How are the prices of petrol and diesel determined?
Till June 2010, the government used to fix the price of petrol and it was changed every 15 days. After 26 June 2010, the government left it to the oil companies to decide the price of petrol. Similarly, till October 2014, the price of diesel was also fixed by the government.
From 19 October 2014, the government handed over this work to the oil companies. At present, oil companies determine the price of petrol and diesel daily keeping in mind the price of crude oil in the international market, exchange rate, tax, transportation cost of petrol and diesel and many other things.
3.31 lakh crore recovered from tax in 9 months
The Central Government has collected Rs 3.31 lakh crore from tax on petroleum products including petrol and diesel from April to December (2021). This has been revealed through an RTI. In an RTI reply, the government said that customs duty of Rs 37,653.14 crore was collected on import of petroleum products, while Rs 2,93,967.93 crore has been deposited in the exchequer as central excise duty. Here, if we talk about excise duty, so far the central government has increased the duty 13 times, while it has been reduced only 4 times.
