new Delhi. Crude oil prices have reached the sky due to the ongoing war between Russia and Ukraine. In view of this, speculations are being made that even in India, government oil companies can increase the price of petrol and diesel at any time. Market experts have also expressed the possibility of a hike of Rs 15 per liter in the petrol-diesel rate. But, now the government has made it clear that it will not allow the price of oil to rise excessively.
On Tuesday, Minister of State for Finance Pankaj Choudhary, in response to a question, said that the government is keeping a close watch on emerging global developments and controlling the prices of petrol and diesel to protect the interests of the common man. to keep
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When asked whether the government would cut excise duty to control the rise in fuel prices due to the Ukraine crisis, Chowdhury said in a written reply that the public sector oil marketing companies would increase the international product prices of petrol and diesel. , keeping in mind the excise rate, tax structure and other costs etc., determines their rates.
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He said that the government is closely monitoring these factors and current global developments and will take deliberate interventions as and when required to protect the interests of the people. “In order to protect the interest of the common man, the retail prices of diesel and petrol have not been revised since November 2021, despite the increase in global crude oil prices,” Choudhary said.
India depends on foreign purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable countries to be affected by high oil prices in Asia. Crude oil prices reached $140 a barrel early last week amid the Russo-Ukraine war. Now the prices have come down and it is running around $ 102 per barrel.
Tags: Central Government, inflation, Petrol and diesel
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