Petrol prices unlikely to come down in near future

07 Jun 2021 06:25 PM

The price of petrol and diesel in India hit a new high on June 4. The price in Mumbai is ₹101 per litre. However, it is unlikely that prices would come down in the near future.

.Petrol and diesel are two of the highest taxed commodities in the country, and don't fall under the GST umbrella. In the six years of the Modi administration, tax collection on petrol and diesel has jumped over 300%

 There are at least five factors that determine the final retail price of  either petrol or diesel. However, the common man is not really concern about the why's, but only the price. Here is a reaction from a man on the street. 



    Last weekprice of Brent crude was at its highest levels since May 2019

      It crossed $71 per barrel mark

      If unrest in the Middle East escalates or if the new Iran nuclear deal stalls supply, the price of crude oil could go up further.

- In Pandemic situation neither centre or State will forgo the income to a large extent

-Oil is purchased in dollars

-Higher value of the dollar, the more importers have to pay for crude oil




Ramesh Naik Raut for Goa 365 from Panaji 

What do you feel

Click here