Petrol and Diesel prices might be more costlier due to rising crude oil prices

The price of Petrol and Diesel has been burning holes in the pockets of middle class people. Even though it was speculated that the GST Council meeting will bring down the prices of fuel by bringing it under the ambit of GST, it remained a distant dream. What seems to be a matter of concern is that the prices of fuel might increase in the near future by up to Rs 3/ litre.

The primary reason for the rise in fuel prices in because of the rise in crude oil prices in the international market. At present, the crude oil costs $75.34 per barrel, which has risen significantly. Last month a single barrel of crude oil was priced at $ 69.03. This roughly means that there was a rise of 9.1 per cent in crude oil price.

It is noteworthy to mention that the prices of crude oil per barrel had significantly dropped during the Covid-19 pandemic. However, as the world is slowly recovering from the business crisis the change in prices were visible. As the demand for fuel rises, the price of crude oil is also rises significantly.

Currently in New Delhi, petrol costs Rs 101.19 per litre while diesel costs Rs 88.62 per litre. In Mumbai, diesel costs Rs 96.19 per litre while petrol costs Rs 107.62 per litre. On the other hand, petrol costs Rs 101.62 per litre in Kolkata and Rs 91.71 per litre for diesel. Chennai recorded Rs 98.96 per litre for petrol while diesel costs Rs 93.26 per litre.

The GST council meeting under the chairmanship of Union Finance Minister Nirmala Sitharaman was held on September 17 in Lucknow. A decision of not bringing petrol and diesel under the ambit of GST was taken in the meeting.

According to reports, representatives of several State governments vehemently protested the proposal to bring petrol and diesel under the GST regime. Even they were not ready to discuss the topic during the GST Council meeting which was conducted physical first time after December 18, 2019. In the past 20 months, all the meetings have been conducted virtually due to the on-going COVID pandemic situation.

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