You know the four basic needs of human, Food, Shelter, Clothes & water. Looking at the daily human routine I like to add one more “essential” thing which is Petrol. Petrol is such a word that you here on a daily basis like Milk, Groceries and A pizza. It is most important for travelling from one place to another because it is the fuel of most of the vehicles around us. Personal Car or Bike and most of public transport vehicles run on petrol therefore it is one of the most demanding crude oil in the world.

There are two types of energy source :- 1) Renewable and 2) Non-renewable. Solar and wind energy are falls under the category of renewable sources while Petrol, Diesel, Coal are the types of non-renewable sources. Petrol is volatile flammable liquid mixtures of hydrocarbons, mainly hexane, heptane, and octane, obtained from petroleum and used as a solvent and a fuel for internal-combustion engines, this is a chemical definition of Petrol but we can stated it as the liquid that is used as fuel for vehicles such as cars and motorbikes.

After the Independence of our country Petrol price hike is one of the major issues rise from early 20’s. Many Prime minister’s and respective state’s chief ministers serve the nation but no one is successful to solve the issue of petrol price. Why it is the major issue in the developing country like India itself? Let’s start with a small throwback from 2012 when the current P.M. of India Shri. Modiji tweeted that “This decision to hike petrol prices taken a day after the ending of parliament session is a stinging rebuke to the dignity of Parliament”. Well right after 10 years the tweet become viral because almost in every other state the petrol price per liter hits century (₹100lit).

OPEC (Organization of the Petroleum Exporting Countries)is the Organization of the Petroleum Exporting Countries is an intergovernmental organization of 13 countries. Founded on 14 September 1960 in Baghdad by the first five members, it has since 1965 been headquartered in Vienna, Austria, although Austria is not an OPEC member state.

In the domestic market, fuelprice is partly shaped by actual supply and demand, and mostly by taxation and dealer commission. Let’s take the example of Delhi, where refineries buy crude oil at Rs 29.34 per liter. OMC (oil marketing companies) charges the dealer Rs 29.71 and the Centre levies Rs 32.98 as excise duty. The Maharashtra state government apply the excise duty of Rs 26.22 per liter. We as a people pay 2 types of tax on petrol, VAT (value added tax) for state government and excise duty for central government.

While looking at the bright side, Government and people are considering Electric vehicle as an option for future which will be the long term solution. Government made huge revenue even if country was suffering from pandemic. But Government should make VAT and excise duty under GST (Goods and service tax).