The generation will be shocked by the historical prices of petrol.
In , the petrol was available to the consumers at Rs. If we compare the historical and the present prices, the consumer will notice that the price has increased 9 times. The price in the four metropolitan cities is such, in Mumbai the price of petrol is In contrary to this, when the tenure of government ended in , there was an increase of In , when the second tenure of UPA ended, the prices of petrol in the national capital were Rs.
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Therefore, with this date a hike of The price of petrol in was Therefore, we can notice that the rate of increase in the UPA government was much more than that noticed in the tenure of BJP. The consumer encountered the highest ever rate of petrol in the month of October At that period the Indian rupees was not faring well and the international crude producers, even the OPEC had cut down the supplies creating an artificial demand.
On 4th October, , the petrol rates were the highest of all time.
The consumers even experienced fluctuations in the price of petrol in the month of October. Primarily, there two causes by which the prices of petrol in India has encountered a great hike. The first one is the price of the crude oil which are decided by the global suppliers of the oil and the second one is the rate of taxes and the level of taxes imposed on the petrol.
In , under the UPA government, the price of petrol escalated to Rs. At that time, the price of the crude oil by the global suppliers was higher than what they are offering today and the government managed the price by imposing fewer rates of taxes on the petrol.
Long and Short Essay on Rising Prices or Price Hike in English
The increase of price which are encountered today are thus a result of higher rates of taxes impose by the government. Therefore, the opposition also accuses the government for inflicting higher rates of taxes of the people for the purpose of filling their treasury. Therefore, both the internal and the external factors are responsible for the hike in petrol prices.
Tax is an income for the government; this amount is in turn spent on the development of the citizen. Petrol and other fuels also come under the ambit of the taxation system of the country. The taxes levied by the centre and the state governments have a significant role in raising the overall retail fuel prices.
Petrol Prices Have Seen A Shocking Hike Economics Essay
A consumer pays a Fuel duty along with the petrol, diesel and other fuels. The rate a consumer pay also depends upon the type of fuel. For Petrol, diesel, Biodiesel and Bioethanol, the rate of taxation is The higher rates of tax imposed by the government are burning the pockets of the consumers.
In the rate of taxation was But according to the data available, the price of petrol was maintained much efficiently by the Modi government.
Steps to deal with rising petrol, diesel prices likely this week
The era of steep rise in the price of fuel as seen at the time of Congress rule came to a little relief. But it important to understand that though the price were increasing at a minimum rate, heavy excise duties were charged. Today the price of crude oil is lesser than that encountered under the Congress, but the present government is charging high rates of duties for petrol. Excise duty on petrol in November was Rs. In August it was Rs. The year came up with relief in the excise duty charged on petrol as it is now charged at Rs.
Petrol price hike and its effects on our day to day life
GST is a simplified tax regime which was imposed by the country after the st amendment. In short, the pricing assumes that 80 per cent of the petrol and diesel is imported and 20 per cent is exported. The IPP includes costs such as free-on-board price, ocean freight, insurance, customs duties and port dues. EPP that accounts for the assumed 20 per cent exports considers free-on-board price.
Essentially, the TPP is determined based on prices for these products prevailing in the international market. The TPP which is quoted in dollars is converted to rupees. To this is added the cost of inland freight, marketing costs and margins charged by the oil companies, the dealer commission and finally the heavy taxes levied by the Central and State governments. The rupee appreciated about 0. In short, the 7. Similar, is the case of diesel.
While this seems fine, problems still remain.
Consider this. When the pricing is being done daily, how is it that the TPP and the value of the rupee, and by extension the refinery transfer price, remain constant for extended periods? Rather than showing the daily changes in the TPP and the rupee values, the oil companies are adjusting price differences in the daily prices charged to dealers. A retired school teacher brings colour and comfort to hospital patients by stitching blankets for them.
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