October 23, 2021, The Liberacy:- Petrol and Diesel prices in India topped all their previous rankings and recorded a new high with almost all the states crossing ₹100 mark on petrol, and some on diesel.
The Union Minister of petroleum and natural gas, Dharmendra Pradhan, reiterated the trends in prices and talked about the reasons behind the height and launched a new set of attacks on the former Prime Minister of India, Dr. Manmohan Singh, and formal Central UPA government.
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Dharmendra Pradhan said that there has been a hike in the international market price, and so there are price hikes.
Britain has also seen the highest prices of oil climbing $85 a barrel.
In the case of India, the real reason is an assembly of topics, probably irrelevant to each other. As the minister said, the prices in the international market are seeing new highs, and as India imports 80% of its oil demand it is seeing a hike.
Dharmendra Pradhan launched attacks on former prime minister Dr. Manmohan Singh-led UPA regime, accusing them of leaving behind oil bonds worth ₹1.4 lakh crore for repayment.
The current government of Narendra Modi-led NDA has to repay the bond amount with interest, which has become a major factor in the price hike.
The actions taken by the UPA government between 2005 and 2010, in the name of oil bonds have shown adverse effects in 2021, as about ₹10000 crores worth of oil will mature in 2021, and so far only ₹35000 crores worth of bonds, out of ₹1.4 lakh crore have matured, and the government has already paid his ₹10000 crores in interest payment.
Taxes on petrol and diesel by central and state governments make up for 60% of the retail selling of petrol and about 54% of retail selling of diesel, that is ₹32.90 per liter of excise duty for petrol and ₹31.80 per liter of excise duty on diesel.
To curb the growing prices, the Narendra Modi-led government is under extreme pressure to cut the taxes.
The central government is also planning to bring petroleum products under GST to avoid extra taxes and curb the hike in the prices of petrol and diesel.
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