Soaring fuel prices to sharpen House panel focus on taxes
NEW DELHI: High taxes on petrol and diesel are likely to be in focus when Parliament’s standing committee on petroleum dissect the fuel pricing policy on Thursday amid soaring pump prices.
Fuel prices have climbed up consistently this year as India’s crude purchase cost increased from about $55/barrel in January to $72.18, or 27%, on Monday. This is set to rise further as international benchmark Brent crude topped $72/barrel on Tuesday and is seen hitting $80 in the coming months.
Price revisions since January have pushed petrol price beyond Rs 100 in seven states. It is nearing the mark in other states. Diesel has hit a century in Sri Ganganagar district of Rajasthan and rising towards Rs 90 a litre in other states.
