Jet fuel and natural gas are more likely to be included under GST than petrol and diesel, given their minimal revenue impact on states.
There isn't enough of it. Against 200 million metric tonnes of vegetable oil every year, oil production is nearly 5 billion tons. So all the oilseeds in the world can't power vehicles beyond a couple of weeks. And they are needed for human and animal consumption too
Crude oil made fresh surges on news reports that the US and its European allies were weighing a ban on Russian oil. Brent soared to a near 14-year high of $140. Oil reached its highest since 2008 in US trading, and there is no sign of a cooling-off. Watch Karunya Rao in conversation with Manisha Gupta as the latter decodes the impact of surge in oil prices
Petrol price in Mumbai remained unchanged at Rs 102.30 per litre.
The price was Piped Natural Gas (PNG) also climbed to Rs 28.41 SCM (Standard Cubic Meter), an increase of 91 paise per SCM. This is in addition to the increase in the price of Liquified Petroleum Gas (LPG) by Rs 25 since March 1.
"The Modi government has 'unlocked' the corona pandemic and prices of petrol-diesel," he said in a tweet in Hindi.
Taxes as a percentage of base price are 260 percent for petrol and 256 percent for diesel.
The Modi government being sensitive to problems of people due to rising prices of petrol and diesel, reduced Rs 2.5 on it and now it is Kejriwal's turn to do the same and reduce the prices by at least Rs 5, the minister said.
Currently, oil retaillers like Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil Corp (IOC) are losing around Rs 10/litre on sale of diesel and are gradually hiking price marginally after the government allowed them to do so.