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2/11/21

Petrol-diesel prices rise 14 times in 41 days, fuel prices likely to rise further as global crude prices rise

Inflation: 







The fire in petrol and diesel prices in the country is not going away. In the last 41 days, as of February 10, 2021, its value has increased 14 times. Not only that, petrol and diesel prices are likely to rise in the coming days due to rising crude prices. International markets have seen a steady rise in crude prices. It is also having a direct impact on petrol-diesel prices. The price of Brent crude oil in the international market has reached 61 61 per barrel.




Price increased 14 times in 41 days
in February so far, petrol and diesel prices have increased 4 times. In Delhi, meanwhile, petrol has gone up by Rs 1.30 and diesel by Rs 1.25. In January, petrol price was hiked by Rs 2.59 per liter and diesel by Rs 2.61 per liter.

The first was the most expensive petrol-diesel
in October 2018. Petrol-diesel prices have set a record in many cities in the country, including Delhi and Mumbai. The previous record was set on October 4, 2018. At that time, the price of petrol in Delhi had gone up to Rs 84 per liter. On February 10, 2021, petrol in Delhi has reached Rs 87.60. In 2018, when petrol and diesel prices hit record highs, the government reduced the excise duty by Rs 1.50 per liter. The government had reduced the price of oil companies by one rupee.

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Crude oil was 33 percent more expensive in
2018 than it is now. In 2018, crude oil prices were close to 80 80 a barrel. Which is currently 61 61 per barrel. This means that crude oil is currently 33 per cent more expensive than in 2018. Even then, petrol-diesel prices were lower than at present.

Crude prices rise as oil-producing nations cut production Crude prices are rising as
oil-producing nations cut production, boosting economic activity around the world and a positive update on a new relief package in the United States. Apart from the weakness in the dollar index, production in the US has also declined. Brent crude has risen ડો 17 a barrel in the last six months.

Economic activity is on the rise due to the corona vaccine. Due to this, the demand for crude is increasing. Brent crude will be in the range of 60 per barrel. On January 1, the price of crude oil was 51 51 a barrel, rising to 61. This means that in 2021, its price will increase by 20%.

Government refuses to give relief to common man The
Ministry of Petroleum and Natural Gas on Wednesday clarified that the central government will not make any cuts in taxes on petrol and diesel. Replying to a written question in the Rajya Sabha, Petroleum Minister Dharmendra Pradhan said the government has no proposal to reduce taxes on petrol and diesel. He said raising or lowering taxes on petrol and diesel depends on many aspects such as the need of the government and market conditions.




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Earnings from excise duty
doubled in 5 years Earnings from VAT on petrol-diesel have increased by 43 per cent in 5 years. Its revenue in FY14-15 was Rs 1.37 lakh crore. Which has increased to 2 lakh crore in the year 2019-20. Despite the lockdown imposed by Corona, VAT earned Rs 78,000 crore in the first half of the current financial year 2020-21 (April-September). The central government earned Rs 3.34 lakh crore in 2019-20 by imposing excise duty on petroleum products. When the Modi government was first formed in May 2014, the revenue from excise duty in 2014-15 was Rs 1.72 lakh crore, which doubled in just five years.

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