The prices of Petrol and Diesel have been made market determined by the Government effective from 26 June, 2010 and 19 October, 2014 respectively and since then their prices are being decided by the Public Sector Oil Marketing Companies (OMCs) in line with the changes in the international market prices. The Public Sector OMCs increase and decrease the prices on the basis of the price of respective products in the international market and not to that of crude oil.
Daily Change in Pricing
Public Sector OMCs, namely, Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited have implemented daily revision of retail selling price of Petrol and Diesel in the entire country effective 16 June, 2017.
IOCL has informed that daily changes in pricing have actually benefitted the customers at large with several of the problems that were faced earlier have been resolved:
- During fortnightly pricing, there used to be huge queues at the Retail Outlets causing immense trouble to the customers. The same has been reduced.
- Due to heavy rush of customers, product at several Retail Outlets used to get exhausted leaving the needy customers without fuel. The same has been reduced.
- The revision of fuel prices are carried out every day based on the International prices and therefore any drop in prices are passed on to the customers.
Daily price revisions of Petrol and Diesel make the retail prices more reflective of the current market conditions, minimizing the volatility in the RSP of Petrol and Diesel. Further, it leads to increased transparency in the system and enables smoother flow of products from refinery or depots to Retail Outlets.
LPG & PDS Kerosene
The Government continues to modulate the effective price to consumer for Subsidized Domestic LPG and Retail Selling Price (RSP) of PDS Kerosene.
Yearly Trends of Average Price
The details of average prices of Petrol, Diesel and subsidized & non-subsidized LPG is given below:
|Year||Petrol||Diesel||Subsidized LPG||Non-Subsidized LPG|
|Rs./litre||Rs./14.2 kg cylinder|
The current Excise Duty on Petrol and Diesel is Rs.19.48/litre and 15.33/litre respectively.
The Goods and Services Tax (GST) has been implemented w.e.f. 1 July, 2017. Five petroleum sector items - Crude Oil, Natural Gas, Petrol, Diesel and Aviation Turbine Fuel (ATF), are presently outside the scope of levy of GST.
At present, applicable GST on Domestic LPG is 5%.
After launch of DBTL, its beneficiaries get the Domestic LPG cylinders at non-subsidized price and receive LPG subsidy directly into their bank accounts. At present, the eligible consumers are getting subsidy of Rs.251.31 per 14.2 Kg cylinder (as applicable to Delhi market).
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- Selling price of Petrol, Diesel and Domestic LPG from 2014 to 2017, along with price revisions
- Revisions in prices of PDS Kerosene and Aviation Turbine Fuel (ATF) from 2014 to 2017
- State-wise effective rate of taxes on Petrol and Diesel