IOCL GM Speculates GST May Lower Down Fuel Price in MP

The fuel prices across the state of Madhya Pradesh is considered to be the highest in the country. The reason behind the peak price of fuels is local taxes being levied by the state government. But now the conditions can be straightaway for the residents of MP as the GST has given the clue to make prices of fuel neutral. General manager Indian Oil Corporation Limited (IOCL), Vigyan Kumar also discussed that apart from the retailers, the oil companies are also in the queue which had discussions with the government to reduce the surging taxes on the fuel from time to time in order to boost the volume of sales in this particular category.

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Ajay Singh President, Bhopal Multipurpose Petro Dealers Association mentioned that “Petrol and diesel should be included in the GST ambit to bring down its prices in states like MP. However, the state government has been opposing this as it would affect its revenue.” Along with Vigyan Kumar, GM HPCL and Pushp Nayar state head retail MPCG BPCL Mr. K Srinivas said that, “It is a fuel with low sulphur content of 50 ppm that is equal to Euro IV norms, It will help reduce the emission level and help in meeting the highest emission standards, In fact, this is a step forward towards meeting the international best practices with implementation of BS VI from April 2020.”

The head of departments were sure about this initiative that the fuel prices will certainly come down at a significant level, as he mentioned that MP government has imposed a maximum applicable taxes on the fuel even when the petroleum companies are in regular talks with the government to pay some attention towards the fuel category which in return will create an increase in fuel sales.

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