Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even.
With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
The basket of crude oil India buys rose to $117.39 per barrel on March 3, the highest since 2012. This compares to an average of $81.5 per barrel price of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.
"With state elections getting over next week, we expect daily fuel price hikes to restart across both gasoline and diesel," JP Morgan said in a report.
The seventh and final phase of polling for the Uttar Pradesh legislative assembly is on March 7 and the counting of votes is slated for March 10.Oil prices have been on the boil ever since Russia put its forces on the Ukraine border last month. They spiked after it invaded the central Asian nation on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions.
Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.
But for India, Russian supplies account for a very small percentage. While India imported 43,400 barrels per day of oil from Russia in 2021 (about 1 per cent of overall its imports), coal imports from Russia at 1.8 million tonnes in 2021 made up for 1.3 per cent of all coal imports. India also buys 2.5 million tonnes of LNG a year from Gazprom of Russia.
While supplies at the moment seem to be of little worry for India, it is the prices that are a cause of concern.
Domestic fuel prices - which are directly linked to international oil prices as India imports 85 per cent of its oil needs - have not been revised for a record 120 days in a row.
Rates are supposed to be revised on a daily basis but state-owned fuel retailers IOC, BPCL and HPCL froze rates on sooner did electioneering to elect a new government in Uttar Pradesh, Punjab and three other states started.
Petrol costs Rs 95.41 a litre in Delhi and diesel is priced at Rs 86.67. This price is after accounting for the excise duty cut and a reduction in the VAT rate by the state government.
Before these tax reductions, petrol price had touched an all-time high of Rs 110.04 a litre and diesel came for Rs 98.42. 

Brace yourself - Rs 12 hike in petrol, diesel price needed to break-even

Are you ready for your petrol, diesel bill to go up by Rs 12! Brace yourself it starts tomorrow

 Big hikes in petrol and diesel prices likely to start Tuesday

Crude Oil prices surged to $130/bbl, first time since 2008

Fuel bill is going to burn a hole in your budget.&nbsp;Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even.
Also watch &amp; read:<a title="https://www.editorji.com/business-news/markets/rupee-at-record-low-rbi-lends-a-helping-hand-reportedly-sells-dollars-1646635411485" href="https://www.editorji.com/business-news/markets/rupee-at-record-low-rbi-lends-a-helping-hand-reportedly-sells-dollars-1646635411485">&nbsp;Rupee at record low! RBI lends a helping hand, reportedly sells dollars&nbsp;</a>
With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
The basket of crude oil India buys rose to $117.39 per barrel on March 3, the highest since 2012. This compares to an average of $81.5 per barrel price of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.
"With state elections getting over next week, we expect daily fuel price hikes to restart across both gasoline and diesel," JP Morgan said in a report.
The seventh and final phase of polling for the Uttar Pradesh legislative assembly is on March 7 and the counting of votes is slated for March 10.Oil prices have been on the boil ever since Russia put its forces on the Ukraine border last month. They spiked after it invaded the central Asian nation on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions.
Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.
But for India, Russian supplies account for a very small percentage. While India imported 43,400 barrels per day of oil from Russia in 2021 (about 1 per cent of overall its imports), coal imports from Russia at 1.8 million tonnes in 2021 made up for 1.3 per cent of all coal imports. India also buys 2.5 million tonnes of LNG a year from Gazprom of Russia.
While supplies at the moment seem to be of little worry for India, it is the prices that are a cause of concern.
Domestic fuel prices - which are directly linked to international oil prices as India imports 85 per cent of its oil needs - have not been revised for a record 125 days in a row.
Rates are supposed to be revised on a daily basis but state-owned fuel retailers IOC, BPCL and HPCL froze rates on sooner did electioneering to elect a new government in Uttar Pradesh, Punjab and three other states started.
Petrol costs Rs 95.41 a litre in Delhi and diesel is priced at Rs 86.67. This price is after accounting for the excise duty cut and a reduction in the VAT rate by the state government.
Before these tax reductions, petrol price had touched an all-time high of Rs 110.04 a litre and diesel came for Rs 98.42.&nbsp;

If you were watching the geopolitical tension between Russia and Ukraine play out and wondered why you should bother, you may want to pay attention to your petrol bill. 
Brent crude futures, the international oil benchmark, topped $90 on Wednesday for the first time since 2014, adding to oil’s blistering recovery since its pandemic-era lows in April 2020.
The threshold breakthrough comes amid growing geopolitical tensions between Russia and Ukraine, and as supply remains tight amid a rebound in demand.Barclays noted that while prices may be reacting to a “geopolitical premium,” and the underlying fundamentals are fueling the push higher.Earlier this month, Goldman Sachs said that Brent can reach $100 per barrel by the third quarter, adding to a number of Wall Street firms calling for triple-digit oil.Petrol prices in India have been unchanged for 83 days but experts anticipate a cumulative hike of Rs 2-3/litre as the prices keep heading higher internationally. 
 

Oil tops $90 for the first time since 2014, Get set for petrol price hikes again

Petrol prices in India have been unchanged for 83 days but experts anticipate a cumulative hike of Rs 2-3/litre as the prices keep heading higher internationally. 

Putin, Petrol & Prices, how the Russia Ukraine fight may effect you

Oil prices hit seven-year highs on worries that supplies could tighten due to Ukraine-Russia tensions.

If you were watching the geopolitical tension between Russia and Ukraine play out and wondered why you should bother, you may want to pay attention to your petrol bill.&nbsp;
Brent crude futures, the international oil benchmark reached levels last seen in 2014, adding to oil&rsquo;s blistering recovery since its pandemic-era lows in April 2020.
The threshold breakthrough comes amid growing geopolitical tensions between Russia and Ukraine, and as supply remains tight amid a rebound in demand. Barclays noted that while prices may be reacting to a &ldquo;geopolitical premium,&rdquo; and the underlying fundamentals are fueling the push higher. Earlier this month, Goldman Sachs said that Brent can reach $100 per barrel by the third quarter, adding to a number of Wall Street firms calling for triple-digit oil. Petrol prices in India have been unchanged for 90 days but experts anticipate a cumulative hike of Rs 2-3/litre as the prices keep heading higher internationally.&nbsp;
&nbsp;

Petrol prices have been unchanged for over 75 days but that is likely to change now. Global crude prices have surged to a 7 year high to levels last seen in October 2014. This adds pressure for oil retail companies to raise prices at the pump. 
Brent - the key global oil benchmark - soared to over $87 per barrel mostly due to rising geopolitical tensions and supply-side disturbances due to Yemen's Houthi group's attack on oil facilities in the United Arab Emirates. Also, global demand is rising as inventories are waning. Goldman Sachs is betting that crude oil prices will be back at $100 by September this year. Experts see cumulative hikes of Rs 2-3/litre in petrol prices as crude hits close to the $90/bbl mark. 
 

Petrol price hike coming? Crude oil prices surge, Goldman bets on $100

Petrol prices have been unchanged for over 75 days but that is likely to change now. Global crude prices have surged to a 7 year high to levels last seen in October 2014. This adds pressure for oil retail companies to raise prices at the pump. 

Petrol price hike coming? 

Experts see cumulative hikes of Rs 2-3/litre in petrol prices as crude hits close to the $90/bbl mark.&nbsp;

Petrol prices have been unchanged for over 75 days but that is likely to change now. Global crude prices have surged to a 7 year high to levels last seen in October 2014. This adds pressure for oil retail companies to raise prices at the pump.&nbsp; Also watch:&nbsp;<a title="Microsoft spends $69 billion to buy the creator of Call of Duty and Candy Crush" href="https://www.editorji.com/business-news/microsoft-spends-69-billion-to-buy-the-creator-of-call-of-duty-and-candy-crush-1642564816169">Microsoft spends $69 billion to buy the creator of Call of Duty and Candy Crush</a>
Brent - the key global oil benchmark - soared to over $87 per barrel mostly due to rising geopolitical tensions and supply-side disturbances due to Yemen's Houthi group's attack on oil facilities in the United Arab Emirates. Also, global demand is rising as inventories are waning. Goldman Sachs is betting that crude oil prices will be back at $100 by September this year.&nbsp; Experts see cumulative hikes of Rs 2-3/litre in petrol prices as crude hits close to the $90/bbl mark.&nbsp;
&nbsp;

Better late than never, heaving a sigh of relief fuel consumers of Delhi got a present from CM Kejriwal on the first day of December as the state govt decided to finally cut VAT on petrol by Rs 8/litre. This reduction though a relief has been long awaited since the excise cut by the central govt. The downward revision on taxes however is still short compared to the Rs 12 cut done by neighbours Haryana & Uttar Pradesh. The Centre had announced a reduction of Rs 5 per litre in the excise duty on petrol and a Rs 10 per litre on diesel in the first week of November, after fuel prices touched a record high. Since then, opposition parties in Delhi have been urging the state government to cut VAT on petrol at their end as well.Even the Delhi Petrol dealers association had written a letter to Chief Minister Arvind Kejriwal asking to cut taxes as fuel in Delhi had become expensive by more than ₹9 in petrol than neighbouring states of Haryana and Uttar Pradesh.Since 2014, the VAT on fuel has increased six times in the national capital. The last time, Delhi government hiked the VAT was on July 31, 2020 on both the fuel products.

Delhi Petrol Price | Petrol gets cheaper: Delhi Government finally cuts VAT tax on fuel 

Delhi Govt finally gives in and cuts VAT on Petrol almost a month after the excise cut by the Central Govt. 

Petrol finally gets cheaper in Delhi

Over the past month fuel in Delhi has become&nbsp;expensive by more than&nbsp;₹9 in petrol than neighbouring states of Haryana and Uttar Pradesh

Better late than never, heaving a sigh of relief fuel consumers of Delhi got a present from CM Kejriwal&nbsp;on the first day of December as the state govt decided to finally cut VAT on petrol by Rs 8/litre.
This reduction though a relief has been long awaited since the excise cut by the central govt. The downward revision on taxes however is still short compared to the Rs 12 cut done by neighbours Haryana&nbsp;&amp; Uttar&nbsp;Pradesh.&nbsp; The Centre had announced a reduction of Rs 5 per litre in the excise duty on petrol and a Rs 10 per litre on diesel in the first week of November, after fuel prices touched a record high.&nbsp;Since then, opposition parties in Delhi have been urging the state government to cut VAT on petrol at their end as well. Even the&nbsp;Delhi Petrol dealers association had written a letter to Chief Minister Arvind Kejriwal asking to cut taxes as fuel in Delhi had become expensive by more than&nbsp;₹9 in petrol than neighbouring states of Haryana and Uttar Pradesh. Since 2014, the VAT on fuel has increased six times in the national capital. The last time, Delhi government hiked the VAT was on July 31, 2020 on both the fuel products.

Excise duty is nothing but politics at the pump and a result of the recent by-polls as per ex-finance minister P Chidambaram.
The former Union minister also said the government&rsquo;s move was a confirmation of the Congress&rsquo; charge that fuel prices were high mainly because of high taxes.
&ldquo;And our charge that high fuel taxes is because of the greed of the central government,&rdquo; he further wrote.
On the eve of Diwali, The Centre decided to cut excise duty on petrol and diesel by record amounts of ₹5 and ₹10, respectively, per litre, to bring down their rates from the highest-ever record levels. 
To further put things into a perspective with the cut in fuel prices: - petrol prices have been up by ₹30 since 2020 Diwali.- Petrol prices saw a hike on 27 of the previous 34 day- Between March 2020 and May 2020, Excise duty was raised by ₹13 - Even with the cut the Excise duty is up ₹ 8 vs 2019 and is at Rs 27.9 per litre on petrol- The central excise duty on petrol in 2014 was ₹ 9.48 per litre, it has been up 3 times since then

Politics at the petrol pump says Chidambaram on excise duty cut

Excise duty is nothing but politics at the pump and a result of the recent by-polls as per ex-finance minister P Chidambaram.

P Chidambaram on reduced excise duty on petrol and diesel

&nbsp;
<ul>
<li>Excise duty cut on fuel by-product of bypoll outcome, says P Chidambaram</li>
<li>Chidambaram: Centre's move a confirmation of fuwl&nbsp;prices high because of high taxes</li>
<li>Central govt reduces excise duty on petrol and diesel</li>
</ul>

On the eve of Diwali, The Centre decided to cut excise duty on petrol and diesel by record amounts of ₹5 and ₹10, respectively, per litre,

Excise duty is nothing but politics at the pump and a result of the recent by-polls as per ex-finance minister P Chidambaram.
The former Union minister also said the government&rsquo;s move was a confirmation of the Congress&rsquo; charge that fuel prices were high mainly because of high taxes.
&ldquo;And our charge that high fuel taxes is because of the greed of the central government,&rdquo; he further wrote. Read/Watch Also: <a href="https://www.editorji.com/india-news/politics/priyanka-gandhi-s-swipe-at-centre-s-petrol-price-cut-says-move-out-of-fear-1636007808666">Priyanka&nbsp;Gandhi's swipe at petrol price cut</a>
On the eve of Diwali, The Centre decided to cut excise duty on petrol and diesel by record amounts of ₹5 and ₹10, respectively, per litre, to bring down their rates from the highest-ever record levels.
To the put the price cut in perspective-:
<ul>
<li>Petrol prices&nbsp; are up by ₹30 since 2020 Diwali.</li>
<li>Petrol prices saw a hike on 27 of the previous 34 day</li>
<li>Between March 2020 and May 2020, Excise duty was raised by ₹13</li>
<li>Even with the cut the Excise duty is up ₹ 8 vs 2019 and is at Rs 27.9 per litre on petrol</li>
<li>The central excise duty on petrol in 2014 was ₹ 9.48 per litre, it has been up 3 times since then</li>
</ul>

Petrol, Diesel Prices Hiked:  It's a rally and record that hurts! Petrol and diesel prices hiked for a seventh straight day by 30 & 35 paise respectively

Petrol, Diesel Prices Hiked: 7 days-7 hikes, Diesel crosses 100, Petrol over Rs 110

It a rally that even the bulls don't appreciate...Petrol and Diesel prices hiked for a 7th straight day as petrol prices top Rs 110.

Fuel on Fire! Crude at 7 year high, Petrol prices at record high

Longest single stretch of hikes of petrol and diesel prices.&nbsp;

Petrol, Diesel Prices Hiked: It's a rally and record that hurts! Petrol and diesel prices hiked for a seventh straight day by 30 &amp; 35 paise&nbsp;respectively. This is longest stretch of hikes for the fuel prices which are now up over Rs 2 in just one week. Fuel continues to be mostly costly in Mumbai where diesel has crossed over the 100 mark a litre and <a href="https://www.editorji.com/business-news/economy/hat-trick-of-hikes-for-petrol-and-diesel-and-it-is-not-over-yet-diesel-crosses-over-100-mark-1633588725597" target="_blank">petrol prices</a> at the pump are at a record high at Rs 110/litre.&nbsp;
Also watch:&nbsp;<a title="Coal Shortage: Supply concerns will be eased this week assures Coal Minister" href="https://www.editorji.com/business-news/economy/coal-shortage-supply-concerns-will-be-eased-this-week-assures-coal-minister-1633918018889">Coal Shortage: Supply concerns will be eased this week assures Coal Minister</a> The surge in international oil prices ended a three-week hiatus in rates on September 28 for petrol and September 24 for diesel. Since then, diesel rates have gone up by Rs 4.15 paise per litre and petrol price has increased by Rs 3.00. Crude has gained more than 60% this year as the roll-out of <a href="https://www.editorji.com/coronavirus" target="_blank">Covid-19</a> vaccines lifted&nbsp;movement curbs&nbsp;and, subsequently, oil demand.

If your name is Neeraj&nbsp;and you live anywhere close to Bharuch&nbsp;in Gujarat, quickly get to this petrol pump. In honour of India's Olympic Gold Medallist Neeraj&nbsp;Chopra, the petrol pump owner is giving out free petrol worth Rs 501 to anyone who shares the name with the athlete.&nbsp;
If your name is Neeraj and you can prove it with a photo identity card, you will not only have a smile on your face but also fuel in your vehicle's tank.&nbsp;
Also Read:&nbsp;Neeraj Chopra returns to a rousing welcome 
The offer is valid till Monday evening as the petrol pump owner Ayub&nbsp;Pathan&nbsp;has created quite a buzz with his unique marketing strategy but calls it a humble tribute to the superstar from Haryana.&nbsp;
Till Monday morning, almost 30 Neerajs&nbsp;have made it to the pump and got tanked up with free fuel and many more are expected to join the queue.&nbsp;

Tokyo 2020 Olympics: Free petrol for you if your name is Neeraj Chopra

In honour of India's Olympic Gold Medallist Neeraj&nbsp;Chopra, a petrol pump owner is giving out free petrol worth Rs 501 to anyone who shares the name with the athlete

Tokyo 2020 Olympics: Free petrol for you if your name is Neeraj 

<ul>
<li>Gujarat&nbsp;based petrol pump owner gives free petrol worth Rs 501 to anyone with the name Neeraj</li>
<li>All claimers need to have a valid govt photo id to get free petrol&nbsp;</li>
<li>Pump owner pays tribute to Neeraj&nbsp;Chopra and his success at Olympics</li>
</ul>

If your name is Neeraj&nbsp;and you live anywhere close to Bharuch&nbsp;in Gujarat, quickly get to this petrol pump. In honour of India's Olympic Gold Medallist Neeraj&nbsp;Chopra, the petrol pump owner is giving out free petrol worth Rs 501 to anyone who shares the name with the athlete.&nbsp;
If your name is Neeraj and you can prove it with a photo identity card, you will not only have a smile on your face but also fuel in your vehicle's tank.&nbsp;
<a href="https://www.editorji.com/story/neeraj-chopra-other-olympians-return-to-a-rousing-welcome-after-historic-show-in-tokyo-1628515319538" target="_blank">Also Read:&nbsp;Neeraj Chopra returns to a rousing welcome </a>
The offer is valid till Monday evening as the petrol pump owner Ayub&nbsp;Pathan&nbsp;has created quite a buzz with his unique marketing strategy but calls it a humble tribute to the superstar from Haryana.&nbsp;
Till Monday morning, almost 30 Neerajs&nbsp;have made it to the pump and got tanked up with free fuel and many more are expected to join the queue.&nbsp;

Rewind to&nbsp;July&nbsp;2011&nbsp;,&nbsp;a year when crude prices soared to $113 in the international market and yet&nbsp;you were only paying Rs 68/litre&nbsp;at the petrol pump so as we fast forward a decade to 2021 and&nbsp;look at the pump price of Rs 108 in Mumbai&nbsp;when the global crude headline reads on $75/bbl.&nbsp;The first and possibly the only question&nbsp;that remains is-:&nbsp;&nbsp;Why is my petrol bill so high?&nbsp;&nbsp;
The price you pay at the petrol pump depends on 4 things and not just the price of oil in the global markets. The final cost of fuel depends on&nbsp;&nbsp;

Global crude prices&nbsp;
Exchange rate, the value of the rupee&nbsp;
Excise duty charged by the government.
Value Added Tax levied by the state government.&nbsp;

So&nbsp;who is to blame right now?&nbsp;We evaluate all four &lsquo;villains&rsquo; as the blame game begins!&nbsp;&nbsp;&nbsp;Candidate&nbsp;#1: Crude prices&nbsp;&nbsp;
Global crude prices&nbsp;have seen erratic moves almost, mirroring major tantrums by a spoilt child. From the lows of&nbsp;$11 to the highs of $76 the range of the price moves has been dizzying. But at $76 it is still&nbsp;way below the over $100 mark record high so it still leaves one puzzled on the price at the pump. Infact even at $11 a&nbsp;bbl&nbsp;we were still paying Rs 75 for a&nbsp;litre&nbsp;at the petrol pump.&nbsp;So&nbsp;well&nbsp;it becomes obvious that the petrol price blame game has to shift away from the global crude prices that have been nowhere close to record high unlike domestic fuel prices.&nbsp;&nbsp;&nbsp;Candidate #2:&nbsp; Rupee value vs dollar&nbsp;&nbsp;The focus then shifts to the currency, as it&nbsp;import&nbsp;over 80% of crude needs if the&nbsp;value of the rupee keeps&nbsp;falling&nbsp;we would pay more rupees for every dollar we were spending on oil even if the price of crude stayed the same. This has been a silent villain for the petrol bill for the govt who paid Rs 44 per dollar a decade ago when crude was the same price vs now when the rupee stands at Rs 75 per dollar.&nbsp;&nbsp;&nbsp;So&nbsp;India spends close to $90 billion a year importing oil;&nbsp;in 2011 that cost&nbsp;the ex&mdash;chequer&nbsp;(at the rate of Rs 44/$) Rs 3.76 lakh crore.&nbsp;&nbsp;If the import&nbsp;quantity&nbsp;stays the same the&nbsp;equal,&nbsp;the same bill of $90 billion&nbsp;now means the payout balloons to&nbsp;Rs 6.79 lakh crore merely coz each rupee now fetches you much lower amount of dollars.&nbsp;&nbsp;&nbsp;&nbsp;Candidate #3: Taxes, states &amp;&nbsp;centre&nbsp;&nbsp;&nbsp;If one asks for a detailed bill from the petrol or just checks the website of India&rsquo;s largest fuel retailed Indian Oil Corporation&nbsp;you would see the maximum pressure on the bill is below the cost of fuel and actually rests with the taxes, by the state and central government.&nbsp;Nearly 60% of your bill&nbsp;is&nbsp;merely taxes, so the cost of petrol is about RS 40/litre&nbsp;and the rest Rs 60 is merely taxes and duties.&nbsp;&nbsp;&nbsp;Culprit&nbsp;#1 Excise Duty: The excise duty collected by the government has risen sharply in the last year&nbsp;in May last&nbsp;year, the central excise duty on petrol was increased from Rs 22.98 per&nbsp;litre&nbsp;to Rs 32.98 per&nbsp;litre. Despite a much lower demand for fuel in the pandemic the governments&rsquo;&nbsp;excise duty&nbsp;kitty,&nbsp;&nbsp;collected&nbsp;mostly from petrol and diesel, jumped almost 63% to Rs 3.89 lakh crore in the last financial year&nbsp;which has given the purse holders for the government great relief&nbsp;but has had the opposite reaction for consumers.&nbsp;&nbsp;&nbsp;Culprit #2: Value Added&nbsp;Tax(VAT): Levied by the state governments&nbsp;this differs from state to state. For&nbsp;example&nbsp;in&nbsp;Delhi is around&nbsp;23% adding onto the excise duty already imposed by the state.&nbsp;The collection of&nbsp;VATor&nbsp;rates have largely been stable over the last 10 years but adds significantly to the petrol bill.&nbsp;&nbsp;&nbsp;So&nbsp;what next? Will my petrol bill never reduce again?&nbsp;&nbsp;With a hike in prices almost every alternate day from the start of May any significant reduction seems unlikely except the double trouble villain of tax is tackled. The only plausible&nbsp;solution to reduce the&nbsp;b&rsquo;oil&rsquo;ing&nbsp;burden of tax is to bring petrol, diesel under GST, which has support not just from the Finance Ministry but also from the Central banker. The RBI worried about inflation impact has repeatedly&nbsp;signaled the need for a uniform tax on petrol.&nbsp;Which would be the only way remove the 60% tax hit on the petrol bill.&nbsp;&nbsp;&nbsp;Why the delay in inclusion for petrol in GST?&nbsp;&nbsp;Simply speaking the states don&rsquo;t want to kill the chicken that lays the golden egg. Petroleum products contribute a significant amount of revenue to the states. For instance, VAT on petroleum products is as high as 40% in Maharashtra, adding&nbsp;over Rs 25,000 crore per year.&nbsp;Bringing petroleum under GST takes away that control as the Centre is the one in charge of fixing the rate of GST.&nbsp;&nbsp;&nbsp;&nbsp;

Petrol Pain Explained| Blame game, who is the real culprit for high prices & will rates ever come down?

Petrol Pain Explained | The price blame game, who is the real culprit for b'oil'ing&nbsp;fuel prices&nbsp;&amp; will rates every come down?&nbsp;&nbsp;

Petrol Pain Explained

Rewind to&nbsp;July&nbsp;2011,&nbsp;a year when crude prices soared to $113 in the international market and yet&nbsp;you were only paying Rs 68/litre&nbsp;at the petrol pump so as we fast forward a decade to 2021 and&nbsp;look at the pump price of Rs 108 in Mumbai&nbsp;when the global crude headline reads on $75/bbl.&nbsp;The first and possibly the only question&nbsp;that remains is-:&nbsp; &nbsp; Why is my petrol bill so high?&nbsp;&nbsp;
The price you pay at the petrol pump depends on 4 things and not just the price of oil in the global markets. The final cost of fuel depends on&nbsp;&nbsp;
Global crude prices&nbsp; Exchange rate, the value of the rupee&nbsp; Excise duty charged by the government. Value Added Tax levied by the state government.&nbsp; So&nbsp;who is to blame right now?&nbsp;We evaluate all four &lsquo;villains&rsquo; as the blame game begins!&nbsp;&nbsp; &nbsp; Candidate&nbsp;#1: Crude prices&nbsp;&nbsp;
Global crude prices&nbsp;have seen erratic moves almost, mirroring major tantrums by a spoilt child. From the lows of&nbsp;$11 to the highs of $76 the range of the price moves has been dizzying. But at $76 it is still&nbsp;way below the over $100 mark record high so it still leaves one puzzled on the price at the pump. In fact&nbsp;even at $11 a&nbsp;bbl&nbsp;we were still paying Rs 75 for a&nbsp;litre&nbsp;at the petrol pump.&nbsp;So&nbsp;well&nbsp;it becomes obvious that the petrol price blame game has to shift away from the global crude prices that have been nowhere close to record high unlike domestic fuel prices.&nbsp;&nbsp; &nbsp; Candidate #2:&nbsp; Rupee value vs dollar&nbsp; &nbsp; The focus then shifts to the currency, as it&nbsp;import&nbsp;over 80% of crude needs if the&nbsp;value of the rupee keeps&nbsp;falling&nbsp;we would pay more rupees for every dollar we were spending on oil even if the price of crude stayed the same. This has been a silent villain for the petrol bill for the govt who paid Rs 44 per dollar a decade ago when crude was the same price vs now when the rupee stands at Rs 75 per dollar.&nbsp;&nbsp; &nbsp; So&nbsp;India spends close to $90 billion a year importing oil;&nbsp;in 2011 that cost&nbsp;the exchequer&nbsp;(at the rate of Rs 44/$) Rs 3.76 lakh crore.&nbsp;&nbsp; If the import&nbsp;quantity&nbsp;stays the same the&nbsp;equal,&nbsp;the same bill of $90 billion&nbsp;now means the payout balloons to&nbsp;Rs 6.79 lakh crore merely coz each rupee now fetches you a much lower amount of dollars.&nbsp;&nbsp; &nbsp; &nbsp; Candidate #3: Taxes, states &amp;&nbsp;centre&nbsp;&nbsp; &nbsp; If one asks for a detailed bill from the petrol or just checks the website of India&rsquo;s largest fuel retailer Indian Oil Corporation&nbsp;you would see the maximum pressure on the bill is below the cost of fuel and actually rests with the taxes, by the state and central government.&nbsp;Nearly 60% of your bill merely taxes, so the cost of petrol is about RS 40/litre&nbsp;and the rest Rs 60 is merely taxes and duties.&nbsp;&nbsp; &nbsp; Culprit&nbsp;#1 Excise Duty: The excise duty collected by the government has risen sharply in the last year&nbsp;in May last&nbsp;year, the central excise duty on petrol was increased from Rs 22.98 per&nbsp;litre&nbsp;to Rs 32.98 per&nbsp;litre. Despite much lower demand for fuel in the pandemic the governments&rsquo;&nbsp;excise duty&nbsp;kitty,&nbsp;&nbsp;collected&nbsp;mostly from petrol and diesel, jumped almost 63% to Rs 3.89 lakh crore in the last financial year&nbsp;which has given the purse holders for the government great relief&nbsp;but has had the opposite reaction for consumers.&nbsp;&nbsp; &nbsp; Culprit #2: Value Added&nbsp;Tax(VAT): Levied by the state governments&nbsp;this differs from state to state. For&nbsp;example&nbsp;in&nbsp;Delhi is around&nbsp;23% adding onto the excise duty already imposed by the state.&nbsp;The collection of&nbsp;VATor&nbsp;rates have largely been stable over the last 10 years but adds significantly to the petrol bill.&nbsp;&nbsp; &nbsp; So&nbsp;what next? Will my petrol bill never reduce again?&nbsp; &nbsp; With a hike in prices, almost every alternate day from the start of May any significant reduction seems unlikely except the double trouble villain of tax is tackled. The only plausible&nbsp;solution to reduce the&nbsp;b&rsquo;oil&rsquo;ing&nbsp;burden of tax is to bring petrol, diesel under GST, which has support not just from the Finance Ministry but also from the Central banker. The RBI worried about inflation impact has repeatedly&nbsp;signalled the need for a uniform tax on petrol.&nbsp;This would be the only way to remove the 60% tax hit on the petrol bill.&nbsp;&nbsp; &nbsp; Why the delay in inclusion for petrol in GST?&nbsp; &nbsp; Simply speaking the states don&rsquo;t want to kill the chicken that lays the golden egg. Petroleum products contribute a significant amount of revenue to the states. For instance, VAT on petroleum products is as high as 40% in Maharashtra, adding&nbsp;over Rs 25,000 crore per year.&nbsp;Bringing petroleum under GST takes away that control as the Centre is the one in charge of fixing the rate of GST.&nbsp;&nbsp; &nbsp; &nbsp;

Petrol prices stand at record high across the nation with hikes almost every alternate day since the start of May.&nbsp;

Rewind to&nbsp;July&nbsp;2011,&nbsp;a year when crude prices soared to $113 in the international market and yet&nbsp;you were only paying Rs 68/litre&nbsp;at the petrol pump so as we fast forward a decade to 2021 and&nbsp;look at the pump price of Rs 108 in Mumbai&nbsp;when the global crude headline reads on $75/bbl.&nbsp;The first and possibly the only question&nbsp;that remains is-:&nbsp; &nbsp; Why is my petrol bill so high?&nbsp;&nbsp;
The price you pay at the petrol pump depends on 4 things and not just the price of oil in the global markets. The final cost of fuel depends on&nbsp;&nbsp;
<ul>
<li>Global crude prices&nbsp;</li>
<li>Exchange rate, the value of the rupee&nbsp;</li>
<li>Excise duty charged by the government.</li>
<li>Value Added Tax levied by the state government.&nbsp;</li>
</ul>
So&nbsp;who is to blame right now?&nbsp;We evaluate all four &lsquo;villains&rsquo; as the blame game begins!&nbsp;&nbsp; &nbsp; Candidate&nbsp;#1: Crude prices&nbsp;&nbsp;
Global crude prices&nbsp;have seen erratic moves almost, mirroring major tantrums by a spoilt child. From the lows of&nbsp;$11 to the highs of $76 the range of the price moves has been dizzying. But at $76 it is still&nbsp;way below the over $100 mark record high so it still leaves one puzzled on the price at the pump. In fact&nbsp;even at $11 a&nbsp;bbl&nbsp;we were still paying Rs 75 for a&nbsp;litre&nbsp;at the petrol pump.&nbsp;So&nbsp;well&nbsp;it becomes obvious that the petrol price blame game has to shift away from the global crude prices that have been nowhere close to record high unlike domestic fuel prices.&nbsp;&nbsp; &nbsp; Candidate #2:&nbsp; Rupee value vs dollar&nbsp; &nbsp; The focus then shifts to the currency, as it&nbsp;import&nbsp;over 80% of crude needs if the&nbsp;value of the rupee keeps&nbsp;falling&nbsp;we would pay more rupees for every dollar we were spending on oil even if the price of crude stayed the same. This has been a silent villain for the petrol bill for the govt who paid Rs 44 per dollar a decade ago when crude was the same price vs now when the rupee stands at Rs 75 per dollar.&nbsp;&nbsp; &nbsp; So&nbsp;India spends close to $90 billion a year importing oil;&nbsp;in 2011 that cost&nbsp;the exchequer&nbsp;(at the rate of Rs 44/$) Rs 3.76 lakh crore.&nbsp;&nbsp; If the import&nbsp;quantity&nbsp;stays the same the&nbsp;equal,&nbsp;the same bill of $90 billion&nbsp;now means the payout balloons to&nbsp;Rs 6.79 lakh crore merely coz each rupee now fetches you a much lower amount of dollars.&nbsp;&nbsp; &nbsp; &nbsp; Candidate #3: Taxes, states &amp;&nbsp;centre&nbsp;&nbsp; &nbsp; If one asks for a detailed bill from the petrol or just checks the website of India&rsquo;s largest fuel retailer Indian Oil Corporation&nbsp;you would see the maximum pressure on the bill is below the cost of fuel and actually rests with the taxes, by the state and central government.&nbsp;Nearly 60% of your bill merely taxes, so the cost of petrol is about RS 40/litre&nbsp;and the rest Rs 60 is merely taxes and duties.&nbsp;&nbsp; &nbsp; Culprit&nbsp;#1 Excise Duty: The excise duty collected by the government has risen sharply in the last year&nbsp;in May last&nbsp;year, the central excise duty on petrol was increased from Rs 22.98 per&nbsp;litre&nbsp;to Rs 32.98 per&nbsp;litre. Despite much lower demand for fuel in the pandemic the governments&rsquo;&nbsp;excise duty&nbsp;kitty,&nbsp;&nbsp;collected&nbsp;mostly from petrol and diesel, jumped almost 63% to Rs 3.89 lakh crore in the last financial year&nbsp;which has given the purse holders for the government great relief&nbsp;but has had the opposite reaction for consumers.&nbsp;&nbsp; &nbsp; Culprit #2: Value Added&nbsp;Tax(VAT): Levied by the state governments&nbsp;this differs from state to state. For&nbsp;example&nbsp;in&nbsp;Delhi is around&nbsp;23% adding onto the excise duty already imposed by the state.&nbsp;The collection of&nbsp;VATor&nbsp;rates have largely been stable over the last 10 years but adds significantly to the petrol bill.&nbsp;&nbsp; &nbsp; So&nbsp;what next? Will my petrol bill never reduce again?&nbsp; &nbsp; With a hike in prices, almost every alternate day from the start of May any significant reduction seems unlikely except the double trouble villain of tax is tackled. The only plausible&nbsp;solution to reduce the&nbsp;b&rsquo;oil&rsquo;ing&nbsp;burden of tax is to bring petrol, diesel under GST, which has support not just from the Finance Ministry but also from the Central banker. The RBI worried about inflation impact has repeatedly&nbsp;signalled the need for a uniform tax on petrol.&nbsp;This would be the only way to remove the 60% tax hit on the petrol bill.&nbsp;&nbsp; &nbsp; Why the delay in inclusion for petrol in GST?&nbsp; &nbsp; Simply speaking the states don&rsquo;t want to kill the chicken that lays the golden egg. Petroleum products contribute a significant amount of revenue to the states. For instance, VAT on petroleum products is as high as 40% in Maharashtra, adding&nbsp;over Rs 25,000 crore per year.&nbsp;Bringing petroleum under GST takes away that control as the Centre is the one in charge of fixing the rate of GST.&nbsp;&nbsp; &nbsp; &nbsp;

Hardeep Singh&nbsp;Puri&nbsp;, the newly appointed Oil Minister taking on the toughest challenge of oil diplomacy first up. Face with record high petrol prices Hardeep&nbsp;Singh&nbsp;Puri&nbsp;is reaching out to oil producing nation to ease the pain..
Conveyed my desire to work closely with UAE and other friendly countries to bring a sense of calm, predictability and realism among other suppliers in the energy market to make it more affordable for consumers,&rdquo; Puri tweeted as he called on&nbsp;Dr Sultan Ahmed Al Jaber&nbsp;who is the chief executive of state-owned Abu Dhabi National Oil Company (Adnoc), one of the only two firms to commit to India&rsquo;s crude oil reserve programme till date.UAE&nbsp;had urged Saudi Arabia and the rest of the OPEC&nbsp;members to&nbsp;to unlock more oil supply as almost 30% of the nation's oil production remained idle.&nbsp;India that imports 80% of it's oil needs has been feeling the pinch. Petrol and diesel price on July 15 was hiked for the 40th time since May 4.&nbsp;
&nbsp;

UAE & OPEC reach compromise, Oil Minister Hardeep Puri reaches out to UAE as petrol prices soar

UAE &amp; OPEC reach compromise, Oil Minister Hardeep Puri&nbsp;reaches out to UAE as petrol prices soar

Petrol and diesel price on July 15 was hiked for the 40th time since May 4.

<ul>
<li>Oil Minister, Hardeep&nbsp;Singh&nbsp;Puri&nbsp;takes up oil diplomacy&nbsp;</li>
<li>Hardeep&nbsp;Singh&nbsp;Puri&nbsp;speaks to oil producing nations on crude supplies</li>
<li>Puri&nbsp;on twitter: looking to work closely with UAE&nbsp;to bring a sense of calm in the energy market</li>
<li>Oil Minister: Hope to make crude more affordable for consumers&nbsp;</li>
<li>UAE&nbsp;and Saudi Arabia reach supply agreement for OPEC&nbsp;nations&nbsp;</li>
<li>India imports 80% of it's oil needs, crude near 2008 high&nbsp;</li>
<li>Petrol prices up 40 times since May 4&nbsp;</li>
</ul>

UAE&nbsp;accounts for 40% of global crude oil production.&nbsp;

Hardeep Singh&nbsp;Puri&nbsp;, the newly appointed Oil Minister taking on the toughest challenge of oil diplomacy first up. Face with record high petrol prices Hardeep&nbsp;Singh&nbsp;Puri&nbsp;is reaching out to oil producing nation to ease the pain even as&nbsp;UAE&nbsp;and OPEC&nbsp;reach an agreement on crude supplies.&nbsp;
Conveyed my desire to work closely with UAE and other friendly countries to bring a sense of calm, predictability and realism among other suppliers in the energy market to make it more affordable for consumers,&rdquo; Puri tweeted as he called on&nbsp;Dr Sultan Ahmed Al Jaber&nbsp;who is the chief executive of state-owned Abu Dhabi National Oil Company (Adnoc), one of the only two firms to commit to India&rsquo;s crude oil reserve programme till date. UAE&nbsp;had urged Saudi Arabia and the rest of the OPEC&nbsp;members to&nbsp;to unlock more oil supply as almost 30% of the nation's oil production remained idle.&nbsp; India imports 80% of it's oil needs has been feeling the pinch. Petrol and diesel price on July 15 was hiked for the 40th time since May 4.&nbsp;
&nbsp;

Petrol prices were revised upward for the&nbsp;second time in July with Delhi now paying close to ₹100 per litre. This marks the 35th hike in fuel retail prices since May 3.&nbsp;
Petrol now costs over ₹100 in 14 states and UTs.&nbsp;Petrol prices have breached the ₹100-mark in states such as MP, Maharashtra, Rajasthan, Karnataka, Odisha, J&amp;K and Ladakh.
In Delhi, petrol hit an all-time high of ₹99.51 a litre, while diesel is now priced at ₹89.36 per litre.

Petrol Price Hike: Petrol surges close to ₹100 in Delhi

Get ready to pay Rs 100/litre for Petrol in Delhi, click here to find out the latest rates as prices were hiked again for the 38th time since May.

Fuel On Fire: Petrol prices hiked to ₹100 in Delhi

Petrol prices were revised upward for the&nbsp;second time in July with Delhi now paying close to ₹100 per litre. This marks the 35th hike in fuel retail prices since May 3.&nbsp;
Petrol now costs over ₹100 in 14 states and UTs.&nbsp;Petrol prices have breached the ₹100-mark in states such as MP, Maharashtra, Rajasthan, Karnataka, Odisha, J&amp;K and Ladakh.
In Delhi, petrol hit an all-time high of ₹99.51 a litre, while diesel is now priced at ₹89.36 per litre.

<ul>
<li>Petrol now costs over ₹100 in 14 states and UTs</li>
<li>2nd hike in July and 38th hike since May 3</li>
</ul>

Petrol prices were revised upward for the&nbsp;second time in July with Delhi now paying close to ₹100 per litre. With the 29 paise&nbsp;hike on Sunday it marks the 38th hike in petrol prices since May 3.&nbsp;
Petrol now costs over ₹100 in 14 states and UTs.&nbsp;Petrol prices have breached the ₹100-mark in states such as MP, Maharashtra, Rajasthan, Karnataka, Odisha, Tamil Nadu.&nbsp;
In Delhi, petrol hit an all-time high of ₹99.51 a litre, while diesel is now priced at ₹89.36 per litre.

OPEC+, the 23 nation crude oil producing coalition led by Saudi Arabia and Russia&nbsp;meet&nbsp;today. Here is why you must watch the meeting outcome closely-:

Crude oil prices hover around 3-year high at $75/bbl as demand continues to rise but supply constraints remain
OPEC+ is still withholding&nbsp;6 million barrels of crude per day from the market to maintain 'balance' in prices&nbsp;
Market is pricing in a release of additional 500,000 barrels per day fro August by the oil producers&nbsp;
Delay in Iran nuclear talks and rising demand as the pandemic ebbs is pushing prices higher
Inventories in the OECD have been&nbsp;falling for 9 straight months.&nbsp; Even the Crude oil held in short term floating storage at lowest since Feb 2020.
Bank of America sees a possibility of crude prices revisiting $100/bbl in the next year&nbsp;
India imports 80% of oil needs and is seeing record high prices for petrol and diesel across the nation.&nbsp;

Read Also: Oil Minister urges OPEC&nbsp;to raise supply and cut prices&nbsp;

OPEC+ to meet today as crude spikes to 3 year high and petrol prices hit record high

Petrol prices at record high, See this video to know why the OPEC+ meet today is crucial and what to expect.&nbsp;

OPEC+ meet today, What to expect from crude oil prices

OPEC+, the 23 nation crude oil producing coalition led by Saudi Arabia and Russia&nbsp;meet&nbsp;today. Here is why you must watch the meeting outcome closely-:
<ul>
<li>Crude oil prices hover around 3-year high at $75/bbl as demand continues to rise but supply constraints remain</li>
<li>OPEC+ is still withholding&nbsp;6 million barrels of crude per day from the market to maintain 'balance' in prices&nbsp;</li>
<li>Market is pricing in a release of additional 500,000 barrels per day fro August by the oil producers&nbsp;</li>
<li>Delay in Iran nuclear talks and rising demand as the pandemic ebbs is pushing prices higher</li>
<li>Inventories in the OECD have been&nbsp;falling for 9 straight months.&nbsp; Even the Crude oil held in short term floating storage at lowest since Feb 2020.</li>
<li>Bank of America sees a possibility of crude prices revisiting $100/bbl in the next year&nbsp;</li>
<li>India imports 80% of oil needs and is seeing record high prices for petrol and diesel across the nation.&nbsp;</li>
</ul>
Read Also: <a href="https://www.edtr.ai/9nma">Oil Minister urges OPEC&nbsp;to raise supply and cut prices&nbsp;</a>

OPEC+ nations are currently holding back 6 million barrels of crude per day from the market to maintain 'balance' for prices.&nbsp;

petrol price

Categories