Fuel continues to be on fire, petrol & diesel prices have been hiked again on Wednesday by 24-27 paise today. Cumulatively petrol prices are up ₹1.40/l in the last 9 days & ₹6/Litre since May 3.
The surge in fuel prices is here to stay with global crude soaring to over a 2-year high and Brent crossing the $72/bbl mark. Global crude oil prices are up by 35% in 2021 alone. India imports 80% of its oil requirement and prices from the pandemic low are up a whopping 200%.
The Oil Minister, Dharmendra Pradhan made another push towards getting the big-ticket item under GST, he stated, "As a sector in-charge, I am of the opinion that fuel should be brought under the GST. But, it will be done only when members of the GST council reach a consensus on it. It is the GST Council which will take a collective decision about it."