Petrol And Diesel Price Increased Substantially After Dynamic Pricing Came In: Did You Noticed?

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    Fuel such as crude oil, petrol, diesel, jet fuel and natural gas have not been included in the new indirect GST regime. And so it's not GST, which has brought about a steep increase of Rs. 5 since June end. So, the hike is on account of dynamic pricing model adopted by oil dealers in India as in the international scenario.

    Petrol And Diesel Price Increased Substantially: Did You Noticed?

    The daily price revision of fuel price in the morning at around 6 am in small doses has brought a hike, petrol is selling at Rs.68.88, higher by Rs. 5.42 in comparison to its closing price in June end in Delhi (Rs. 68.88 is the price for Thursday, August 24, 2017). More so, the otherwise politically sensitive commodity which used to arouse enough protest in earlier time has now not come into most consumers.

    So why such a steep rise in fuel prices in a matter of 2 just months?

    The main reason behind the rise is the soaring price of the Indian basket of crude oil which rose substantially from $45.42 to $50.51 per barrel until yesterday in a matter of 2 months. Further there are other factors which has added on to the cost of fuel pricing such as the commission being paid to the petrol pump dealers which has also been increased.

    Additionally, to your surprise, if you did not knew it until now, the fuel pricing also includes the cost of different amenities offered at the fuel station such as washrooms etc. Further, more than half of the cost that you pay for the fuel goes towards different state and central tax levies.

    Story first published: Thursday, August 24, 2017, 14:45 [IST]
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