In the last nine days, the price of petrol has risen by Rs 2.24 and diesel by Rs 2.15. In Mumbai, the prices rose beyond the Rs 86-mark to Rs 86.08.
The Union Minister put the blame on uncertain political conditions in oil exploring countries and the global market for the oil price rise.
Bhubaneswar: Oil Minister Dharmendra Pradhan on Thursday said that the reduced value of the Indian rupee in comparison to the U.S. dollar is causing fuel price hike. The price of Brent crude oil has declined around $5 per barrel from Thursday to around $75 a barrel now. Oil producers get paid worldwide rates for the oil they produce from domestic fields. The Narendra Modi-led government is taking a lot of flak from various quarters because many feel that costlier petrol and diesel are due to elevated tax rates.
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The rise was despite the decrease in worldwide crude oil prices after three major producers Russian Federation, the United States, and Saudi Arabia said that they would increase their output amid global concerns over supply and persistent demand.
Congress activists, on the other hand, staged a demonstration on Thursday at different filling stations in Cuttack protesting against the fuel price hike.
The government said it is likely to levy a "windfall tax", in the form of a cess, on companies like Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) for any revenue that they earn from prices crossing $70 a barrel.
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Furthermore, Chennai saw petrol at Rs 81.26 per litre on Monday, above 15 paisa compared to previous price of Rs 81.11 per litre.
The tax could be used in two ways - as a subsidy to fuel retailers for absorbing the hikes and not passing them on to consumers or compensation to the government if it cuts the excise duty. After the NDA government has come to power tax on petroleum products has become regular source of government income.
He also said that the weakening of the Indian rupee against the United States dollar was causing the fuel price hike. The escalation of oil price and putting economic burden on the masses is purely motivated by political end in view and not at all because of rise in crude oil and therefore, this design should be opposed tooth and nail by all people, political parties and organizations.
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