Can reduce petrol price by ₹25 a litre: Chidambaram
00:34, May 27, 2018
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Prices in Delhi have increased by Rs 2.54 since May 14 after a 20-day freeze on petrol prices ahead of Karnataka election results. In the Mumbai market, prices of petrol at Rs 84.70 a litre and diesel at Rs 72.48 were the highest ever.
What this would translate into as costs at the pump is 141p a litre of unleaded petrol and 144p for diesel. Chidambaram had in a series of tweets said that the fall in worldwide oil prices between 2014 and early 2016 helped the government save Rs 15 per litre but the government put an additional Rs 10 on every litre of fuel. "Bonanza to Central government is ₹25 on every litre of petrol". The central government has formed a task force to act over the issue. "The government is involved in this whole process, including the concern (about rise in prices) and also the uncertainty", he said.
Diesel prices, which have already reached unprecedented levels, set new records across India at as high as Rs 72.76 a litre as of May 23.
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But the economic experts say that it is not possible.The Narendra Modi government has a fiscal deficit target of 3.2% for the fiscal year 2018-19. With this petrol price touched Rs 82 and diesel at Rs 74.60 per litre.
As per Indian Oil Corporation's price build-up data for fuels, the total tax component charged from consumers stands at 52 per cent for petrol and 42 per cent for diesel. In addition to it, states have Value-Added Tax the rates of which vary from state to state.
"The long term solution is to bring all the petroleum products under goods and service tax that will rationalise the taxation structure", he added.
What one can be assured of is, in-spite of rising barrel prices during the tenure of the Congress-led government, they had managed a great job in keeping hold of the prices of crude oil in India.
Higher prices are denting popularity of the ruling Bharatiya Janata Party, which face polls in key states later this year and a nationwide election in early 2019.
"Maharashtra got in the four years of this central government what the state couldn't get in the past". Under GST, the maximum tax slab is that of 28 per cent whereas the government is collecting much higher taxes by keeping petrol and diesel out of GST.
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