Page 15 - June2018

oil prices

The Centre levies a
fixed excise duty on
petrol and diesel

With high oil prices profits that OMCs have made in the last few years, fuel

prices for consumers have gone from bad to worse. Ex-
drilling a hole in their cise duty on petrol was hiked by 11.77 per litre and that
on diesel by 13.47 a litre ever since Prime Minister Naren-
pockets, the people dra Modi-led BJP government came to power in 2014. Af-
ter moving to the daily revision of fuel prices in June last
across the country have year, the government had cut basic excise duty on petrol
and diesel by 2 per litre in October last year.
condemned Modi-led History of PsUs

government for the A peep into the profits of these downstream companies
gives an idea as to how their financials have improved.
This year fiscal 2017-18, the Indian Oil Corp, country’s
continuous increase largest fuel retailing giant, reported 40 per cent jump
in the March quarter net profit on the back of higher
in the fuel prices. refining margin and inventory gains. Its net profit rose to
5,218 crore in the January-March period compared
with 3,720.62 crore in the same quarter of the pre-

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