Petrol-diesel can go up by Rs 4-5 per liter in June, know why?

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New Delhi, 31 May 2020 Sunday

Petrol-diesel rates have not come down despite the fall in crude oil prices. When the central government increased the excise duty, many states also increased the VAT on petrol and diesel. In such a situation, the common man did not get any benefit from cheap crude.

According to Live Mint, public sector oil marketing companies may hike petrol and diesel prices by Rs 4 to 5 per liter. The daily value of both petroleum products may improve once the lockdown is lifted.

The companies say that the gap between the cost and sales of petrol and diesel has already reached Rs 4-5 per liter.

In order to meet the deficit keeping in view the global prices, 40-50 paise a day has to be increased for two consecutive weeks. However, government sources said that raising petrol and diesel prices beyond the limit could not be allowed.

After several delays in lockdown 4.0, many states started public and private transport, which increased the demand for fuel.

During the lockdown, VAT on petrol and diesel was increased in Nagaland, Karnataka, Delhi, Haryana, Punjab, Uttar Pradesh, Maharashtra, Jharkhand, West Bengal and Assam and Odisha, leading to increase in petrol-diesel prices in these states.

The Mizoram government has announced a 2.5 per cent increase in VAT on petrol and 5 per cent on diesel from June 1, after which petrol and diesel prices will go up in the state. In Jammu and Kashmir, the tax on petrol has been increased by Rs 2 per liter.

At the same time, the tax on diesel has been increased by Rs 1 per liter. A state government spokesperson said the revised rates would come into effect from June 1. In Himachal Pradesh too, hike in diesel and petrol rates has been announced from June 1.

According to official sources in the state-owned Oil Marketing Company (OMC), all the retailers met last week.

It assesses the current situation and prepares a roadmap to start a system of daily price changes after the lockdown. Even if the lockdown is extended for the 5th time, the system will be implemented with the approval of the government.

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