Petrol rates in India are revised on a daily basis. Prices are revised at 06:00 a.m. every day. This makes sure that even a minute’s variation in global oil prices can be transmitted to fuel users and dealers. Price of fuel includes excise duty, value added tax (VAT), and dealer commission. VAT varies from state to state. After adding excise duty, dealer commission and VAT, the retail selling price of petrol gets nearly doubled. Various factors impact the price of fuel. These include rupee to US dollar exchange rate, cost of crude oil, global cues, demand for fuel, and so on. When international crude oil prices gain, prices in India move higher.
LOK SABHA
UNSTARRED QUESTION NO. 4820
TO BE ANSWERED ON 31 MARCH, 2022
Petroleum Prices
4820. SHRIMATI NUSRAT JAHAN RUHI
Will the Minister of PETROLEUM AND NATURAL GAS be pleased to state:
(a) whether it is true that crude oil prices are increasing on daily basis in international market during the last two-three months and despite that prices of petrol and diesel in the country have not been increased once during this period;
(b) if so, the reasons therefor; and
(c) whether it is a fact that the petroleum prices are going to see a significant increase in the coming days and if so, the reasons therefor?
ANSWER
MINISTER OF STATE IN THE MINISTRY OF PETROLEUM AND NATURAL GAS
(SHRI RAMESWAR TELI)
(a) to (c): Prices of petrol and diesel have been market-determined with effect from 26.06.2010 and 19.10.2014 respectively and are linked to the price of respective products in the international market. Since then, the Public Sector Oil Marketing Companies (OMCs) take appropriate decisions on pricing of petrol and diesel.
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