Petroleum products should come under GST: IOCL Chairman

New Delhi, May 22: Indian Oil Corporation Limited (IOCL) Chairman Sanjiv Singh on Tuesday stressed on bringing petroleum products under the Goods and Services Tax (GST) to provide relief to common people from a surge in fuel prices.

“There is no directive from the government to control fuel price. Spikes (in prices) were happening earlier and we decided to hold the prices for 19 days. All the petroleum products should come under GST”, said IOCL Chairman.

On being asked whether IOCL violated govt directive of day to day revision of prices of petroleum products during Karnataka election, he stated “government has given us a freedom to revise prices on day to day basis, we took a call”.

Earlier in a day, All India Petroleum Dealers Association president Ajay Bansal said the rising fuel price can be controlled by reducing VAT of state and central taxes.

“Fuel prices are directly linked to crude oil. The Organization of the Petroleum Exporting Countries (OPEC) have reduced supplies. We don’t have any say to bring down the price. We can only reduce VAT of state taxes and central taxes, that is the only way to reduce the price,” asserted Bansal.

A litre of petrol in Mumbai was retailing at Rs 84.70, while in Bhopal it hit a record high of Rs 82.47 on Tuesday.

Meanwhile, diesel touched Rs 71.66 in Bhopal and in Mumbai Rs 72.48 per litre.

In Delhi, prices of petrol was retailing at Rs 76.87 for a litre.


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