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Petrol price can come down to ₹75 if brought under GST: SBI Economists

Petrol prices could be ₹75/litre, diesel at ₹68/litre on account of GST: SBI Research Report
March 04, 2021
Revenue loss estimated at ₹1-lakh crore for Centre-States together
Petrol and diesel prices could come down to ₹75 and ₹68 respectively, if they are brought under Goods & Services Tax (GST), a report prepared by State Bank of India (SBI) has said.
In the latest edition of ECOWRAP, prepared by research team lead by group Chief Economic Advisor Somya Kanti Ghosh, nationwide prices of ₹75 and ₹68 have been arrived on the basis of various assumptions.
These include crude price at $60/bbl, Rupee dollar exchange rate at ₹73, transportation changes of ₹7.25 for diesel and ₹3.82 for petrol, dealer commission of ₹2.53 for diesel and ₹3.67 for petrol, cess of ₹30 for petrol and ₹20 for diesel and GST rate of 14 per cent. Cess and GST are to be distributed equally between Centre and States. ....

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Fuel price hike on hold for third consecutive day

Fuel price hike on hold for third consecutive day
IANS / Updated: Feb 26, 2021, 12:00 IST
Representational Image. Photo: Aniruddhasingh/BCCL
New Delhi: Oil marketing companies on Friday continued with their wait and watch strategy and kept the retail price of
petrol and
diesel unchanged for the third consecutive day.
Accordingly, petrol continues to be sold at Rs 90.93 a litre and diesel at Rs 81.32 a litre in the national capital.
Elsewhere in the country as well,
fuel prices remained unchanged after oil companies increased the pump price on 13 of the last 18 days.
In the 13 increases since February 9, prices have gone up by Rs 3.98 per litre for petrol while the diesel rate has risen by Rs 4.19 a litre in Delhi. ....

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Explained: Why India needs to lower taxes on petrol, diesel

Explained: Why India needs to lower taxes on petrol, diesel
Explained: Why India needs to lower taxes on petrol, diesel
Experts say the government needs to find a way to rationalise taxes it collects on petrol and diesel to prevent another round of inflation. The inflationary impact due to the rise in fuel costs is already being felt by millions of consumers in the country, numerous sectors and businesses.
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UPDATED: February 25, 2021 11:03 IST
If fuel prices remain elevated, India will witness another round of high retail inflation. (Photo: Reuters)
At a time when India GDP is all set to register growth after two straight quarters of economic contraction, rising fuel prices could spoil the recovery mood. ....

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After 2-day spike, Petrol & diesel prices remain unchanged

Petrol and diesel price rise went on the pause mode on Saturday after two consecutive days of sharp increase ....

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