Dynamite News Petrol prices determined based on world market: Puri briefs LS on spiralling fuel cost
Briefing the Lok Sabha about the rising fuel prices in the country, Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said the prices are determined based on world market pricing.
New Delhi: Briefing the Lok Sabha about the rising fuel prices in the country, Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said the prices are determined based on world market pricing.
He further said 85 per cent of petroleum products are imported and the world market prices are determined by producing and exporting countries.
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Puri also mentioned that the pricing of petroleum products in India is determined after the deregulation of the sector in 2010 by the UPA government.
Speaking in the Lower House of Parliament, Puri said, "The issue of pricing of petroleum products is determined after the deregulation of the sector in 2010 by the UPA government. The pricing is determined based on world market pricing. Today, 85 per cent of petroleum products are imported and the world market prices are determined by reproducing and exporting countries. Typically, on one litre of petrol, if the landed cost is 40, the petroleum companies make Rs 4."
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Puri said it is the GST Council's prerogative whether petrol and diesel will be covered under GST.