Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Exclusive | Petrol and diesel saw their steepest hikes ever in last 12 months.


Date: 23-02-2021
Subject: Exclusive | Petrol and diesel saw their steepest hikes ever in last 12 months
Pinching the pockets of the common man, prices of petrol and diesel saw their steepest lifetime hikes over the last year.

Between February 22 last year and this year, rates of petrol increased by Rs 18.64 a litre and diesel by Rs 16.32 a litre, rising 26 per cent and 25 per cent, respectively. This is despite an average 32 percent year-on-year decline in crude oil prices.

On February 22, the petrol price in Delhi was Rs 90.58 per litre, while diesel was at Rs 80.97 per litre. A major reason for the current high price is the increase in taxes by the Centre and State governments after international crude prices touched $19 a barrel last April.

In February 2021 alone, the rates of petrol and diesel were increased by Rs 4.28 a litre and Rs 4.49 a litre, respectively, leading to Finance Minister Nirmala Sitharaman terming it a vexatious issue. Data on fuel prices since 2003, which Moneycontrol got access to, show that in percentage terms, the largest escalation on diesel prices was between 2016 and 2017 (February 22), when it zoomed by 31 per cent or Rs 14.06 a litre. Similarly, in 2011, the prices of petrol saw their steepest hike of 31 per cent or Rs 13.65 a litre.

Prices of petrol and diesel have been market-determined since June 26, 2010, and October 19, 2014, respectively. In order to bring more transparency to the cost of petrol and diesel, the government had introduced a daily pricing mechanism on June 16, 2017. The price of petroleum products is based on a 15-day average of the rates of the respective products in the international market. Oil marketing companies take a call on the retail selling price after taking into account factors such as international product prices, the exchange rate, tax structure, inland freight and other cost elements.

Brent crude prices increased to $63.73 a barrel at one point on February 22 as compared to a historic low of $19 a barrel in April 2020. Every $1 increase in the crude oil price may push petrol and diesel prices up by 50-55 paise a litre. As per estimates, every $1 barrel rise in oil price increases the country’s import bill by $1.4 billion and every $10 a barrel increase in crude oil prices increases the fiscal deficit by about 0.1 per cent of GDP.

A major reason for the current rise in international crude oil prices is due to the cut in oil production by the Organization of the Petroleum Exporting Countries (OPEC).

Source:-moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 26-02-2021
Notification No. 25/2021-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver - reg.

Date: 26-02-2021
A.P. (DIR Series) Circular No. 12
Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds - Relaxations

Date: 25-02-2021
Notification No. 09/2021 -Customs (ADD)
Seeks to amend notification no 29/2017-Customs (ADD) dated 14.06.2017 so as to extend the said notification up to 28.06.2021.

Date: 25-02-2021
Notification No. 10/2021-Customs (ADD)
Seeks to further amend notification No. 2/2016-Customs (ADD) dated 28th Jan, 2016 to extend the levy of Anti-Dumping duty on Melamine originating in or exported from China PR, up to and inclusive of 31st March, 2021.

Date: 25-02-2021
Public Notice No. 40/2015-20
Amendment in Appendix 1B, Hand Book of Procedure 2015-20

Date: 23-02-2021
Notification No. 03/2021-Central Tax
Seeks to notify persons to whom provisions of sub-section (6B) or sub-section (6C) of section 25 of CGST Act will not apply.

Date: 23-02-2021
Trade Notice No. 43/2020-2021
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-Mercosur PTA and India-Thailand EHS w.e.f. 25th February 2021

Date: 23-02-2021
Notification No. 20/2021-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 23-02-2021
Notification No. 21/2021-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 22-02-2021
Circular No. 06/2021-Customs
Policy and Guidelines for setting up of Inland Container Depots (ICDs), Container Freight Stations (CFSs) and Air Freight Stations (AFSs)-Reg.



Exim Guru Copyright © 1999-2021 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001