Pump price data provided by Experian Catalist shows that on 26 March a litre of unleaded petrol bought at the big four supermarkets averaged 116.66p and diesel was 119.35p.
Even as Brent crude oil has shot up to near $80 per barrel level, the government has ruled out the possibility to ease excise duty. Ltd (ONGC) as part of a permanent solution it is working on for moderating the spiralling retail prices of petrol and diesel. "This causes pain at the pumps due to the fact that, similar to oil, fuel is traded in dollars so the lower the exchange rate, the worse the price gets for United Kingdom motorists".
Following the hike in fuel prices workers of various opposition parties including Congress, All Assam Students' Union (AASU), Trinamool Congress (TMC), Nationalist Congress Party (NCP), and Biju Janata Dal (BJD) are staging protests in various parts of the country.
Sources said the thinking in the government is to levy cess on all oil producers-both public and private sector-so as not to attract criticism of stifling state-owned explorers. In July, 2013 crude oil price for Bent was $ 109.71 per Barrel which came down to $ 106 in July $ 2014 per Barrel, and the price further dipped down by 40 per cent in 2015.
"When crude prices were falling from November 2014, the repeated increase of duty was a strategic error of the government".More news: Apollo moonwalker, artist Alan Bean dies at age 86 in Houston
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The government raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October a year ago by Rs2 a litre.
As the Modi government completed 4 years in office, the price of fuel continues to rise. The Central tax on diesel has increased more than three-fold while the tax on petrol has doubled.
On Mr Pradhan's suggestions to include petroleum products under GST, Behera said, "All the state governments will take a decision in regard to the proposal of including petroleum products under GST".
"The supermarkets are being very quick to pass on increases in the wholesale price of fuel".