High oil prices may spoil party for BJP in 2019

Ivan Schwartz
May 28, 2018

Around 18 per cent of the crude used by India is drilled domestically, but the price of this domestic crude is fixed in line with worldwide prices. But In 2013, prices rose up to Rs 100/kg in north India. "We are trying to control the prices".

A litre of diesel also increased from an average of 119.35p to 127.69p over the same period.

Finance ministry officials said states, too, would be asked to cut the sales tax, or VAT, on petroleum products.

RAC fuel spokesman Simon Williams said: "Supermarkets are highly influential in the price charged at pumps across the United Kingdom. they sell 45 per cent of all fuel sold. This causes pain at the pumps due to the fact that, similar to oil, fuel is traded in dollars so the lower the exchange rate, the worse the price gets for United Kingdom motorists".

Interestingly, the hike came in the wake of marginal drop in price of crude oil in the global market.

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Five years ago during the UPA government the crude prices were 40 per cent costlier than subsequent years. During the day, it tanked 11.44 per cent to Rs 155.45. The Indian government benefited from falling crude prices since November 2014 and shore up its finances by hiking excise duty on fuel nine times between November 2014 and January 2016. The oil price issue indicates several economic implications for India, going forward.

'The supermarkets are being very quick to pass on increases in the wholesale price - they are far faster at passing on rises than falls.

The revision on a daily basis resumed after the prices remained stable for 19 days as International Olympic Committee had suspended the dynamic pricing system till May 13. Populist projects like distribution of gas cylinder to village women through attractive programme named Pradhan Mantri Ujjwala Yojana has been already started.

As the Modi government completed 4 years in office, the price of fuel continues to rise.

The larger benefit for greater number of people would be ensured only with reasonable level of oil prices and availability of essential goods and services at affordable costs for all concerned.

Other reports by GizPress

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