Petrol, diesel prices on the boil as Modi Govt enters 5th yr

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Petrol and diesel prices are touching the roof again and the politics surrounding it has also reached its crescendo.

This makes the 50-litre full refuel of a typical family auto £4 more expensive.

The Union Minister put the blame on uncertain political conditions in oil exploring countries and the global market for the oil price rise.

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

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Highest petrol price Mumbai stood at Rs 79.99 (on October 3) in 2017, while the average crude oil price of Indian basket stood at an average of mere $56.43 in FY18.

In April, Pradhan had said the Centre and the state governments have been considering bringing the petroleum products under the ambit of Goods and Services Tax. "The government will have to find a solution to this crisis", said RS Sharma, former chairman of ONGC. In 2011, the United Kingdom raised the tax rate on North Sea oil and gas profits when the price rose above $75 a barrel.

"Unfortunately, the higher oil price has come at a time when the pound has weakened considerably against the dollar". They are far faster at passing on rises than falls.

The Union Government has been drawing flak from all quarters for high fuel prices. With the West Asian situation getting uncertain, thanks also to the idiosyncrasies of US President Donald Trump, disruption in supplies and consequent pressures on crude prices can not be ruled out. Rising fuel prices is a crisis situation for the government. In a series of tweets, the former finance minister said the bonanza to central government is Rs 25 on every litre of petrol and this money rightfully belongs to the average consumer. This fact is very well known to Mr. Narendra Modi and Amit Shah, the two BJP Generals of every electoral battle for which they had ordered moratorium to price hike of oil during the last Karnataka Assembly election.

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