Climb in June petrol, diesel prices in UAE

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

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

In recent days, petrol and diesel prices have surged to a record high, leaving the common man hassled. Similarly, diesel is priced at Rs 43.31, and the total tax incidence is Rs 25.44 per litre.

Bhubaneswar: Union Petroleum & Natural Gas Minister Dharmendra Pradhan on Thursday said the Odisha government should cut its value-added tax (VAT) on the fuel to control the rising prices of petrol and diesel.

However, consumers can expect some relief as the Brent crude oil prices fell to around $78 from $80 per barrel on Friday.

The high fuel prices in the country are a combined result of central and state taxation on fuel. "This causes pain at the pumps due to the fact that, similar to oil, fuel is traded in dollars so the lower the exchange rate, the worse the price gets for United Kingdom motorists".

When asked whether petrol and diesel would be brought under the ambit of Good and Services Tax (GST), Pradhan underscored that the aspect was being considered by the Centre. "The government will have to find a solution to this crisis", said RS Sharma, former chairman of ONGC. In 2014-15 the Centre earned Rs.1.3 lakh crore from taxes and duties on petroleum products which increased to 117 per cent in 2016-17 with the income of Rs, 2.7 lakh crore.

The Union Minister said the Centre had cut excise duty on fuel by Rs 2 in October past year. After the NDA government has come to power tax on petroleum products has become regular source of government income.

Last week, BJP President Amit Shah had said that a plan is being worked upon to check petrol prices in the country. In such a scenario, the government needs to put all of its hands on the desks to tackle the situation in case the global crude oil prices continue their northward journey.

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