gasoline In addition, diesel prices across India are skyrocketing to new heights with each revision.Both motor fuel prices have already violated ￡100 barriers in many cities. Many other cities are aiming for fuel prices to reach the standards of the century. Meanwhile, federal Minister Dharmendra Pradun of oil and gas on Wednesday accused the former UPA government of recent constant car fuel price increases.
As Dalmendra Pradan said, the former ruling party left millions of rupees in the current government. This will force the current government to pay both interest and price at the same time, Pradan added.
“Economists have recently pushed the issue to the fore. Congress had left hundreds of thousands of rupees in debt on oil bonds before 2014, so interest and principal are the current government. Is also a major reason for the rise in oil prices. “
In recent years, the price of motor fuel has risen rapidly since February 2021. Soaring crude oil prices in the international market have affected domestic fuel prices, mainly because of the high tax rates imposed by both the central and state governments.
Retail prices for gasoline and diesel are made up of several factors such as excise taxes, freight charges, VAT and dealer fees. The central government imposes freight and excise taxes, while the state government applies VAT. VAT rates vary from state to state, and as a result, motor fuel prices also vary.
Central and state taxes account for 60% of the retail price of 1 liter of gasoline, while 54% of 1 liter of diesel. Despite several complaints by the automobile industry and other stakeholders, the central government has denied excise tax and freight cuts.
Regarding recent price increases, Dharmendra Pradan has also blamed rising oil prices in the international market. He said crude oil prices in the global market are rising and the country must import 80% of its total oil to meet India’s domestic needs. As a result, gasoline and diesel prices are rising.
Pradan also said that the central and state governments are using taxes received through gasoline and diesel for welfare planning, providing employment and conducting development activities.
https://auto.hindustantimes.com/auto/news/petrol-diesel-price-skyrocketing-oil-minister-blames-previous-upa-government-41624430017860.html Soaring gasoline and diesel prices.Oil Minister blames former UPA government