AIPDA spokesperson Ali Daruwalla said the joint forum of the three associations had signed an accord with the oil companies on November 4, 2016, to fulfil the dealer’s legitimate demands and implement the same at the earliest.
Excise duty on petrol, diesel cut by Rs 2: Excise duty on petrol and diesel was Rs 9.48 and Rs 3.56 a litre respectively before the NDA government took office, which has gone up to Rs 21.48 and Rs 17.33 a litre, respectively, an increase of 226 per cent and 486 per cent, respectively, over the May 2014 level.
When asked over the possibility of reduction in taxes on petroleum products to curb the fuel prices, Pradhan said taxes can’t be slashed as funds are necessary for infrastructure development and welfare schemes.
“Prices of petrol and diesel would continue to go up and down and their rate varies every day,” Kumar told reporters on the sidelines of the weekly ‘Lok Samvad’ (interaction with the public) programme.
The Congress claimed the government had increased central excise duty 11 times in the past three-and-a-half years.
WTI crude futures rose 24 cents, or 0.5 percent, to $46.28 per barrel, adding to last week’s 7 percent gain. Prices were lifted as drilling activity in the United States for new oil production fell for the first time since January, dropping by two rigs.
Currently, prices are revised on 1st and 16th of every month based on the fortnightly average of international oil price and the foreign exchange rate.
Currently, state fuel retailers currently revise rates on the 1st and 16th of every month on the basis of average international price of fuel in the preceding fortnight and currency exchange rate.
Actual reduction in price will be more after taking into account local VAT. Petrol in Delhi will cost Rs 65.32 a litre from tomorrow as against Rs 68.09 currently.
While petrol price was freed from the control of the government in June 2010, diesel rates were deregulated in October 2014.
The project will be implemented in Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh, said IOC Chairman B Ashok
“In view of the debit of MDR of 1% it has been decided to stop accepting payment through Credit/Debit Cards from 9th January 2017,” said Ajay Bansal, President of All India Petroleum Dealers Association.
The increase was warranted because of a rise in international gasoline (petrol) price to USD 62.82 per barrel from USD 57.43 and that of diesel to USD 60.97 from USD 56.79.
Sitharaman said price of crude oil in the international market fluctuate depending on various factors including demand and supply of crude oil.
Petrol in Delhi will cost Rs 62.19 per litre from midnight tonight as against Rs 61.13 currently, said Indian Oil Corporation (IOC), the nation’s largest fuel retailer.