MINISTRY OF PETROLEUM AND NATURAL Gas reply to loksabha for rasing Petrol priceses in India?

-
A) the average import price of crude oil per barrel since the last three years;
(b) the average prices of petroleum products like petrol, diesel and LPG of the last three years, monthwise;
(c) the reasons for the huge gap of prices of the said petroleum products;
(d) the net profit of petroleum companies since the last three years, year-wise; and
(e) the reasons for not including petroleum products under GST?

ANSWER :
The average import price of Indian Basket of crude oil per barrel during the last three
years is as under:-
($/bbl)
Year Average crude oil price (Indian Basket)
2017-18 56.43
2018-19 69.88
2019-20 60.47
(b) & (c): The average monthly retail selling price of petrol & diesel and Domestic LPG (at
Delhi) for the last three years is given as at Annexure-I & II respectively.
Prices of petrol and diesel have been made market-determined by the Government with effect
from 26.06.2010 and 19.10.2014 respectively. Since then, the Public Sector Oil Marketing
Companies (OMCs) take appropriate decision on pricing of petrol and diesel in line with their
international product prices, exchange rate, tax structure, inland freight and other cost elements.
The prices of petroleum products in the country are linked to the price of respective products in
the international market. However, the Government continues to modulate the effective price to
consumer for Subsidized Domestic LPG.
(d): The year-wise details of profit earned after tax (PAT) by CPSEs under the Ministry of
Petroleum and Natural Gas during last three years as under:-
Profit After Tax earned by
CPSEs under
MoPNG (Value in ?
crore)
2017-18 2018-19 2019-20 (P)
69562 69714 26941
Sources:ONGC, OVL, OIL, GAIL, IOCL, BPCL, HPCL, CPCL, MRPL, NRL, EIL & BLL
(e): Article 279A (5) of the Constitution provides that Goods and Services Tax Council shall
recommend the date on which goods and services tax shall be levied on petroleum items
including natural gas and Aviation Turbine Fuel. Thus while, petroleum products are
constitutionally included under GST, the date and rate of GST which shall be levied on such
goods, shall be as per the decision of the GST Council, which has representations of Ministersin-
charge of Finance or Taxation or any other Minister nominated by each of the States and
Union Territories with legislature.
educator4rias@gmail.com One to one Mentorship will be provided. 7680800807 EducatorIAS is an online platform that provides coaching and guidance to aspirants who are preparing for civil service exams in India, such as the UPSC (Union Public Service Commission) exams. EducatorIAS offers a range of courses, study materials, and online classes to help students prepare for the exams effectively. The platform also provides guidance and support to students at every stage of the preparation process, including personalized mentoring and doubt clearing sessions. EducatorIAS has a team of experienced faculty members who have expertise in their respective subjects and provide comprehensive guidance to students.

Comments

Post a Comment

Popular posts from this blog

Discuss the importance and role of the orange economy in Indian Economy ?

-
  The Orange Economy, also known as the Creative Economy, is rapidly emerging as a vital and dynamic force in the Indian economy. It encompasses a wide array of sectors where creativity, culture, and intellectual property are the primary drivers of value. These include film and television, music, performing arts, gaming and animation, digital content, fashion and design, publishing, advertising, and traditional arts and crafts. As India strives for robust economic growth and global recognition, the Orange Economy plays a multifaceted role, contributing not only to GDP and employment but also to cultural preservation, innovation, and soft power. Recent discussions, particularly around events like the WAVES (World Audio Visual and Entertainment Summit) 2025, have highlighted the government's increasing focus on leveraging India's rich cultural heritage and burgeoning creative talent. Importance and Economic Contribution: Significant GDP Contribution: The Orange Economy is al...
Read more

Discuss major measures needed to build a strong ecosystem for nurturing innovation and startups in the drive sustainable economic growth and generate large scale employment opportunities?

-
measures needed to build a strong ecosystem for nurturing innovation and startups in the country to drive sustainable economic growth and generate large scale employment opportunities. The council shall,  inter alia , suggest measures to: Foster a culture of innovation amongst citizens and students in particular; Promote innovation in all sectors of economy across the country, including semi-urban and rural areas; Support creative and  innovative ideas through incubation and research and development to transform them into valuable products, processes or solutions to improve productivity and efficiency; Create an environment of absorption of innovation in industry; Facilitate public organizations to assimilate innovation with a view to improving public service delivery; Promote creation, protection and commercialization of intellectual property rights; Make it easier to start, operate, grow and exit businesses by reducing regulatory compliances and costs; Promote ease of access...
Read more

How Ethics is diffrent from morality in public service ?

-
 Ethics and morality are often used interchangeably, but they have distinct meanings, particularly in the context of public service. Here's a breakdown of how ethics differs from morality in public service, along with examples: Ethics in Public Service: Ethics in public service refers to the principles and standards of conduct that guide the behavior of individuals serving in public roles. It encompasses a set of rules and values that define what is considered right or wrong in the context of public service. Ethics in public service often involves adhering to professional codes of conduct, promoting the public interest, and upholding the values of integrity, impartiality, accountability, and transparency. Example: A government official responsible for procurement decisions follows ethical guidelines by ensuring fair and transparent bidding processes, avoiding conflicts of interest, and selecting vendors based on merit and value for public money. Morality in Public Service: Morality...
Read more