New Delhi5 minutes ago
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Petrol is being sold in Delhi at Rs 94.72 per liter.
The government has increased excise duty on petrol and diesel by Rs 2 per liter. However, after half an hour, it was also clear that it will not increase the prices of petrol and diesel. It will be adjusted with reduced prices of crude oil.
Currently, the government is charging Rs 19.90 liter on petrol and Rs 15.80 on diesel. After this increase, petrol will be charged Rs 21.90 liter and diesel will be charged Rs 17.80 liter.
Petroleum Minister Hardeep Singh Puri said that if the prices of crude oil decreases further, then the prices of petrol and diesel may fall.
Two government notifications
1. Excise duty increases by 2 rupees
2. Prices will not increase for common people
Prices of petrol and diesel depends mainly on 4 things
- Crude oil price
- US dollar price against rupee
- Tax collected by central and state governments
- Demand for fuel in the country
How are petrol and diesel prices fixed in India?
By June 2010, the government used to determine the price of petrol and it was changed every 15 days. After 26 June 2010, the government quit the determination of petrol prices on the oil companies. Similarly, the government used to determine the price of diesel till October 2014.
From 19 October 2014, the government also handed over this work to the oil companies. Currently, oil companies determine the price of crude oil, exchange rate, tax, transportation of petrol and diesel and many other things in the international market, keeping the price of petrol and diesel daily.
Crude came to a 4 -year low
The government has increased excise duty on petrol and diesel at a time when crude oil has reached a 4-year low. Brent crude had broken 12% last week. On Monday too, Brent crude has broken 4% to below $ 64. In such a situation, experts believed that the prices of petrol and diesel could fall in the coming days.
The news is constantly updating ….