Petrol prices slashed 32 times, hiked 21 times since 2013

Written by | May 9, 2016 | 0

New Delhi: Prices of petrol were reduced 32 times and increased 21 times while diesel prices were slashed 19 times and raised 28 times since 2013, Commerce Minister Nirmala Sitharaman said. The prices of ATF, petrol and diesel have been made market determined by the government since April, 2001, June 26, 2010 and October 19, 2014 respectively, Sitharaman said, replying on behalf of Petroleum Minister Dharmendra Pradhan, in Lok Sabha.

“Since then, the public sector oil marketing companies (OMCs) take appropriate decision on pricing of these products in line with their international and other market conditions,” she said during Question Hour.

The Minister said since April 1, 2013, petrol prices were decreased 32 times and increased 21 times and diesel prices were decreased 19 times and increased 28 times.

Sitharaman said retail selling price (RSP) of petrol and diesel in the country are linked to their respective international prices and OMCs are at present applying Trade Parity Pricing methodology to compute the RSP.

“Other cost elements in the RSP of petrol and diesel viz. excise duty, BS-IV premium, marketing cost and margins etc. are specific costs which do not increase/decrease with the volatility in international prices of petrol and diesel.

Filed in: National

No comments yet.

Leave a Reply