Petroleum Minister Dharmendra Pradhan gave this information in a written reply in the Lok Sabha. At the same time, the rupee also weakened 23 paise to 73.25 rupees per dollar. At present, the prices of petrol and diesel have not increased for the last nine days.
When the government will take steps to provide relief from expensive petrol and diesel, it is not decided, but this picture is definitely being made that the trend of the international market may put the general public in further trouble. In the international market, the price of crude oil is touching the level of $ 70 per barrel. In the last seven years, the price of domestic LPG (LPG cylinder) has doubled to Rs 819. Meanwhile, due to the increase in rates, tax collection from petrol and diesel has increased by more than 459 percent.
Petroleum Minister Dharmendra Pradhan gave this information in a written reply in the Lok Sabha. At the same time, the rupee also weakened 23 paise to 73.25 rupees per dollar against the dollar. Due to expensive crude and weak rupee, a new round of increase in the prices of petrol, diesel and LPG can be started in the domestic market by the oil companies. At present, the prices of petrol and diesel have not increased for the last nine days.
The impact of the drone attack on Saudi Arabian oil bases was visible on the crude market and crude prices reached near $ 70. Crude reached this level for the first time since the impact of corona started in the world in February 2020. The international research report says that not only has the attack on Saudi Arabia's oil hideout resulted in crude cost but also increasing demand globally. Goldman Sachs report predicts crude to hit $ 80 a barrel soon. The economy of India and China, the world's two largest countries in crude consumption, is steadily improving, due to which the consumption in these countries is increasing further.
Demand from other Asian countries is also likely to increase. It is noteworthy that at one time in April 2020, the price of crude had come down to close to $ 21 per barrel. Immediately, the central government had increased excise duty on petrol and diesel. Apart from this, VAT rates were also increased from the states. Crude has more than three and a half times that time. Oil companies are continuously increasing the prices of petrol, diesel and cooking gas. Petrol has gone above Rs 100 per liter in many parts of the country. Roughly 60 percent of the retail price of petrol goes to the treasury of the Center and the states, while different taxes account for 56 per cent of the price of diesel.
On March 1, 2014, the price of 14.2 kg cylinder was Rs 410.50, which has reached Rs 819 this month. Pradhan said that in 2013, a collection of Rs 52,537 crore was collected from petrol and diesel. It was 2.13 lakh crores in 2019-20. Tax collection of Rs 2.94 lakh crore has been done in 11 months of the current financial year.
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