Because of this, there will now be a drastic cut in the price of petrol and diesel!

Jun 26 2019 03:28 PM
Because of this, there will now be a drastic cut in the price of petrol and diesel!

New Delhi: The rising prices of petrol diesel surprised everyone in the past. Replying to a question in the Rajya Sabha, Finance Minister Nirmala Sitharaman said, "Crude petroleum, high-power diesel, natural gas and jet fuel can be brought under the GST ambit."

But the state government sits on its own. In fact, a large part of the government's earnings are collected from the tax levied on petroleum products. In this case, experts believe that if petroleum products come under the purview of GST, the price will be reined in.

In the first phase, Jet Fuel (ATF) and Natural Gas will be covered under GST. When GST was implemented, the Modi government had kept five petroleum products - petrol, diesel, crude oil, natural gas and ATF out of its purview. The list later included LPG, kerosene and Neptha (clay oil).

The price of petrol and diesel has remained stable for the last two days and the international market has also recorded a fall in the price of crude oil. At the same time, crude oil prices had surged in the past days after tensions between the U.S. and Iran, which have eased again.

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