Petrol prices lower now than in 2013-14: Govt

Govt said price of petrol had come down from what they were in 2013.

By: PTI | New Delhi | Published: February 8, 2017 5:12 pm
petrol, petrol prices, india petrol prices, petrol prices change, petrol prices stats india Union minister Rajyavardhan Singh Rathore speaks in the Rajya Sabha, in New Delhi on Wednesday. (PTI Photo)

The prices of petrol are lower than the 2013 level and the money collected through taxes on petro products was being used to develop infrastructure and creating educational facilities, government said Wednesay. Union Minister Rajyavardhan Singh Rathore, who was replying to questions in Rajya Sabha on behalf of his colleague Petroleum Minister Dharmendra Pradhan, said the price of petrol had come down from what they were in 2013.

In July-August 2014, the price was 73.60 paise whereas in January 2017 it is 71, he said during the Question Hour. Increase in excise duty and depreciation of the Rupee are among reasons due to which the slide of petroleum products in international market are not reflected in the retail selling price, he said.

The revenue collected is spent on infrastucture, public schemes and education, which is increasing, Rathore said, adding “we are using that money to provide for the country”. In the written reply, the government said the price of petroleum in international market started sliding in July 2014 but the retail selling price has not witnessed a similar decline due to some factors.

One of the factors was that the element of excise duty has been gradually increased by Rs 12 per litre on petrol since November 2014, it said, adding that depreciation of the rupee vis-a-vis the dollar was another reason. Another factor for the domestic prices not showing as much slide as global petrol prices was the increase in VAT and other local levies by the state governments from time to time.

It also said that elements like dealers’ commission and marketing cost do not vary with the increase or decrease in global price.

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  1. A
    Ash
    Feb 8, 2017 at 1:20 pm
    If crude were to go back upto 130$,we will be paying approx 165Rs for petrol,if current duties remain the same.
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      Ash
      Feb 8, 2017 at 1:18 pm
      We should be paying approx 37Rs for petrol,if excise and vat had not been increased by this party, as crude is at 55$.
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        Ash
        Feb 8, 2017 at 12:13 pm
        Govt admits it raised the excise duty by 12Rs.VAT too was increased.We should be paying around 37 now if these changes were not implemented.
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          Ash
          Feb 8, 2017 at 12:18 pm
          I guess party thought that it would be good for Indian's if they were to pay more.We do seem to have strange concepts of achee din.lt;br/gt;This was the biggest ber by this party when they did not transmit lower prices of petrol to public.lt;br/gt;Instead they were chasing Rajan to lower interest rate.lt;br/gt;Somebody has a strange concept of how to generate growth and jobs.
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            Ash
            Feb 8, 2017 at 12:11 pm
            International oil prices have come down from 130 $ to 55$.Today price of petrol is 71.We were paying 74Rs when oil was at 130$.
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