Diesel hits new high of Rs 69.50/ltr, petrol touches Rs 82.24/ltr mark

Source: The Hitavada      Date: 03 Apr 2018 11:07:17


Business Bureau,

As the fuel prices rose once again, common man, traders and financial experts appealed to the Union Government to bring petrol and diesel in the ambit of Goods and Services Tax (GST). They believe that the fuel prices would come down significantly soon after the Government brings it under the GST fold.

Though the petro products were flying high for the past few days, the city on Monday saw prices of petrol touching its four-year peak while diesel jumping to its all time high.
According to Amit Gupta, President of Vidarbha Petroleum Dealers’ Association (VPDA), the fuel prices jumped to its all time high in the city in post LBT era on Monday when petrol and diesel saw Rs 82.24 per litre and Rs 69.50 per litre mark respectively. Petrol price jumped by 12 paise while diesel price gained 14 paise as compered to its prices on Sunday i.e April 1, 2018.

CA Kailash Jogani, Past President of NCCL alleged the Government of ‘regulating’ the fuel prices by different routes despite of the fact that it is being deregulated. “We are aware that oil prices in the country have been deregulated and it has been linked to the crude oil prices in the international market. For the past couple of years, the crude oil prices were falling in the international but Indians have not seen proportionate fall in the prices. It happened because the Government hiked Excise Duty on petrol and diesel on several occasions,” Jogani said adding that it is not ‘deregulation’ in true sense.

He further said that the Government should link the fuel prices directly to the prices in international market.
Dipen Agrawal, President of Chamber of Associations of Maharashtra Industry and Trade (CAMIT) said that the prices of various commodities would rise at rapid pace because of soaring fuel prices.

“Government should take corrective steps within a short span of time. Otherwise, rising fuel prices will negatively impact trade and industry,” he said.
Agrawal also said that bringing petrol and diesel under the net of GST would be an effective measure.

“I believe that the Government will bring petrol and diesel under GST in 2019 so that it could derive political mileage. But considering the current level of prices, I think the Government should not wait till 2019 and take the much needed decision right now and give respite to the people,” he further added Suryakant Bhagat who was filling petrol at one of the petrol pumps said that rising prices of petrol and diesel have become main cause of worry for everyone. “Three of us in our five-member family are commuting on bikes and thus together we spend considerable amount on fuel every month. But considering the current level of fuel prices, we are finding it difficult to manage our expenses,” he said.