Govt Asks OMCs To Not Raise Retail Petrol And Diesel Prices: Report

Posted By:
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    The government on the back of hardening global crude oil prices has asked state-run oil companies to not raise retail fuel prices and bear the fraction of loss to benefit the larger consumer base. As part of the move, OMCs that include HPCL, IOC and BPCL will have to forego upto Rs. 1 per litre on sale of diesel and petrol.

    Govt Asks OMCs To Not Raise Retail Petrol And Diesel Prices: Report

    Global crude oil prices are on an upside at 4-year high of over $70 per barrel. Since mid of last year, pricing of fuel oil in India follows dynamic pricing model and is done tracking international rates.

    Early this month government declined to bring about any immediate cut in excise duty to cushion consumers against rising crude oil prices which pushed retail prices of diesel to record high and petrol to 4-year high.

    In October last year, excise duty cut of Rs. 2 per litre was effected. While some states including Maharashtra, MP, HP and Gujarat also reduced VAT. It is to be noted that among all South Asian nations, retail price of petrol and diesel is the highest in India with a major or almost 50% portion of the retail price going towards taxes.

    In the national capital on Wednesday, petrol prices recorded a price of Rs 73.98 per litre, a price last registered in September of 2013 while diesel prices touched the record-high of Rs. 64.96 per litre.

    Meanwhile on the sidelines of the International Energy Forum in New Delhi, Surana, MD and CEO of HPCL said that he is not aware of any such directive by the Centre.

    Goodreturns.in

    Story first published: Thursday, April 12, 2018, 9:55 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more