A
litre of petrol cost Rs 71.41 in May 2014 when international oil was
at USD 106.85 per barrel but even after over two-third fall in global
rates, the price of petrol has witnessed only 16 per cent decline and
remains at Rs 60 per litre. In a written reply to a question in Rajya
Sabha, Oil Minister Dharmendra Pradhan today said the basket of crude
oil that India buys averaged USD 106.85 per barrel in May 2014 and
this month it is averaging at USD 29.80. Petrol in May 2014, when
BJP-government took office, was priced at Rs 71.41 per litre and now
it is priced at Rs 59.95 a litre, he said. Similarly, diesel cost Rs
55.49 a litre in May 2014 and this month it is available at Rs 44.68
per litre. Pradhan said since May 2014 the government has raised
excise duty on petrol by Rs 12 per litre and by Rs 13.77 a litre on
diesel. Excise duty on petrol on May 1, 2014 was Rs 9.48 per litre
and today it is Rs 21.48 a litre. Similarly, the same on diesel was
Rs 3.56 a litre and this month it is Rs 13.77 a litre. While the
price reduction in petrol between May 2014 and February was Rs 11.46
per litre, the government mopped up Rs 12 a litre in excise duty.
Similarly, the reduction in diesel price has been Rs 10.81 a litre
but excise duty has risen by Rs 13.77 per litre. "Retail selling
price (RSP) of petrol and diesel in the country are based on their
respective international prices and oil marketing companies (OMCs)
are at present applying Trade Parity Pricing methodology to compute
the RSP," Pradhan said. Other cost elements in the RSP of petrol
and diesel viz excise duty, BS-IV premium, marketing cost and margins
are specific costs which do not increase/decrease with the volatility
in international prices, he said. "The element of excise duty
which is specific in nature has been increased," he said, adding
that most of the state governments also have increased VAT on petrol
and diesel. Prices of petrol and diesel have been made marked
determined effective June 26, 2010 and October 19, 2014,
respectively. "Since then, the public sector oil marketing
companies (OMCs) take appropriate decision on pricing of petrol and
diesel in line with their international price and other market
conditions," he added.
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