FM Nirmala Sitharaman
Rising Petrol Prices: On the rising petrol prices, Finance Minister Nirmala Sitharaman said that this matter is related to both the Center and the state, so both the government should think together and solve the problem.
- Last Updated:February 20, 2021 at 6:48 PM IS
Price will rise soon ..
He said that this matter is related to both the Center and the state, so both the government should think together and solve the problem. The Finance Minister also said that the oil producing countries have said that there is still more reduction in production. This will increase the pressure on the price of petrol and will increase the price. Explain that there is a tax of 60 percent in the price of petrol (retail rate) and 54 percent in the price of diesel, in which both the center and the state share. In Chennai, the Finance Minister said that the production estimates that the OPEC countries had projected are also likely to come down, which is again raising concern. The government has no control over the price of oil. It has been technically freed. Oil companies import, refine and sell crude oil.
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Let us know that the price of petrol is increasing daily in the last 12 days, due to which it has become expensive by Rs 03.28. Talking only about January and February this year, petrol has become expensive by Rs 6.77 in these days. At the same time, diesel has become expensive by Rs 3.49 in these 12 days.
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Why the prices of petrol diesel are increasing
Actually, the retail price of petrol diesel in India is linked to the price of crude oil in the global market. This means that if the price of crude oil is low in the global market, then petrol diesel will be cheaper in India. If the price of crude oil increases, then more will have to be spent for petrol diesel, but this does not happen every time. When the price of crude oil rises in the global market, its burden is put on the customers, but when the price of crude oil is low, the government imposes tax on the customers to increase its revenue.