Dynamic Fuel Pricing: At present, the prices of petrol and diesel in India are decided daily. The change in prices is decided according to the price and exchange rate of crude oil in the international market. This was named Dynamic Fuel Pricing. These changes are so minor that most people do not even notice the difference in rates. This system was started in June 2017. Earlier, changes in the rates of petrol and diesel were announced. Due to its increase or decrease, scenes of huge crowd at petrol pumps were common.
Now the government is preparing to change this system again. Under this, the prices of petrol and diesel will be reviewed every three months. Besides, the prices of petrol and diesel can also be reduced by Rs 1.5 soon.
A plan is being made to review the prices every 3 months.
There has been a tremendous decline in the prices of crude oil in the last few months. To extend its benefits to the consumers, the Central Government can not only cut the rates of petrol and diesel but is also planning to review the prices every 3 months. In this, reduction in central excise duty or state VAT will be kept apart from the new rules. This means that companies will have to give 10 percent of their profits to customers. Apart from this, governments can also give them additional relief by reducing their fees.
Possible reduction of Rs 1.5 in petrol and Rs 1.20 in diesel
It has been claimed in media reports quoting sources that if the prices are reviewed in three months, then the new rates will be fixed for a long time. There will be no change in these for three months, so that stability will be maintained. At present, companies are making a net profit of Rs 15 per liter on petrol and Rs 12 per liter on diesel. If 10 percent of this is given to the consumers, then the price of petrol can easily be reduced by about Rs 1.5 and that of diesel by Rs 1.20.
If the price of barrel is reduced by one rupee, Rs 13000 crores are saved.
Crude oil prices have decreased by about 19 percent. But, consumers have not been able to get its full benefits. In fact, if there is a reduction of one rupee per barrel, the government saves about Rs 13 thousand crores annually.
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