Oil Companies To Share The Burden After Petrol And Diesel Prices To Be SlashedMay 23, 2018 10:14
(Image source from: Khaleejtimes.com)
Oil Companies To Share The Burden After Petrol And Diesel Prices To Be Slashed:- The fuel prices in the country reached all time high and the Centre has been facing the heat. The fuel prices will be slashed by Rs 2 to Rs 4 in the coming days and the decision on this will be taken soon. The discussion will have Prime Minister's Office, Oil Ministries, the Finance and state-owned oil marketing companies. The officials of the finance ministry issued a statement regarding the same. A part of the cut would come from Central and state government duties while the other part will come from dealers taking a pay cut.
The dealers are asked to cut a part from their commissions and they will be reimbursed by the oil marketing firms. Taxes account for between 37% and 47% of the retail price of fuel and dealer commissions between 3.8% and 4.8%. The fuel prices touched record high with petrol costing Rs 76.87 in Delhi and diesel touching Rs 68.08 a litre. The Finance ministry prepared a data on this as per the duties and the taxes. Petroleum minister will have a meeting with the officials of the oil companies.