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Bring petrol, diesel under GST immediately: Former FM Chidambaram

04 September, 2018, 17:28 | Author: Shawna Walton
  • Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai

External factors: The exchange rate - that is the price of the dollar vs the rand.

The fall in rupee could be attributed to the surge in global oil prices, with crude oil gaining United States dollars 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies. Since August 16, petrol prices have risen by over Rs 2 per litre and diesel by Rs 2.42 a litre.

On Monday, the petrol and diesel prices touched Rs 79.15/litre and Rs 71.15/litre respectively.

The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹71.18 against the USA dollar on Monday, compared to the previous close of ₹70. Diesel price has also gone up by Rs 0.39 per litre and touching Rs 71.15 per litre. If taxes are cut, prices will decline significantly, the senior Congress leader added.

Petrol prices have hit an all-time high in Mumbai.

Moreover, the price of crude oil has risen by $7 a barrel in the past two weeks due to the growing fears that the U.S. sanctions on Iran might reduce the supplies. The Centre now levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel.

Earlier, taking cognizance of the meteoric rise in the fuel prices, Petroleum and Natural Gas Minister Dharmendra Pradhan had said that it is time that petroleum products fall under GST. "I would like to mention two points, and both these subjects are external". "Apart from that, crises in countries like Venezuela and Iran are increasing. Knowing that we can't disturb the fiscal deficit, we should rather be fiscally prudent", the official in the finance ministry said. He blamed the Narendra Modi-government for the rise.

Chidambaram said the central government blaming the states is a "spurious argument". They are going to hit a century.

"Dear Modiji, please show some kindness on a festival day.Your jumlas are not taxed, but when will you reduce the tax on petrol-diesel?"

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