Govt considers windfall tax on oil producers; ONGC drops 5%

Govt considers windfall tax on oil producers; ONGC drops 5%

Govt considers windfall tax on oil producers; ONGC drops 5%

Based on the data, the world's largest oil producer, Saudi Arabia, has the cheapest price among the top 10 consumers - $0.54 a litre for petrol and $0.13 a litre for diesel.

While in Mysuru, petrol prices touches Rs 79.14 per litre on Monday an increase of Rs 3.09 over 13 days and Diesel selling at Rs 70.12 per litre an increase of 0.11 paise compared to Sunday prices.

Yesterday, law minister Ravi Shankar Prasad had stated that the government will take a long-term view on the retail prices of petrol and diesel, which have touched record high, instead of having an ad hoc measure.

As of Monday, the petrol prices in Mumbai, Kolkata and Chennai are Rs 86.08, Rs 80.76 and Rs 81.11 per litre, respectively. The prices are raised by 15 paisa in Kolkata, Mumbai and by 16 paisa in Chennai.

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

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The government is considering a windfall tax on oil exploration and drilling companies such as ONGC, Oil India and Vedanta-run Cairn India as part of a plan to cushion consumers from rising crude prices.

The rises are due to the price of oil increasing to more than 80 U.S. dollars, combined with a weakening of the pound.

"Supermarkets are highly influential in the price charged at pumps across the United Kingdom as, despite operating under 18% of all forecourts, they sell 45% of all fuel sold". They are far faster at passing on rises than falls.

Looks like petrol price in India and worldwide crude oil valuation are trending in opposite directions. Petrol and diesel do not come under the Goods and Services Tax (GST), and therefore fuel prices vary across States. The government deregulated petrol prices in 2010 and diesel prices in 2014 after which OMCs are free to fix its price. Clearly, the NDA government has been milking the sector for higher tax revenues, and has denied consumers the benefit of lower worldwide crude oil prices that prevailed around the time that the NDA assumed power. In October a year ago, the Centre cut excise duty by Rs 2.

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