Tuesday, 20 November, 2018

Fuel price hike: Petrol, diesel prices breach record levels on Friday

Fuel price hike Petrol diesel prices rise again Congress calls for Bharat Bandh on September 10 Fuel price hike: Petrol, diesel prices breach record levels on Friday
Russell Knight | 09 September, 2018, 10:26

The prices of a litre of diesel are Rs 72.07 in Delhi, Rs 74.92 in Kolkata, Rs 76.51 in Mumbai and Rs 76.17 in Chennai. An official told the daily that the government can not, "disturb fiscal maths by cutting excise duty on petrol and diesel".

Petrol prices were increased to Rs 87.39, Rs 86.41 and Rs 83.13 per litre in Mumbai, Kolkata and Chennai respectively on Thursday. The school bus operators and other federations of the transport industry are also demanding bringing petrol and diesel under the ambit of Goods and Services Tax (GST).

The Centre now levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel.

Even in the wake of such sky-high fuel prices, the government will not cut excise duty on petrol and diesel, as it has limited fiscal space to take any blow to the revenue collections, reported the Times Of India. In Bengaluru, petrol price is Rs 82.6 and diesel is Rs 74.39.

Prices of diesel and petrol in major cities of Indian today
Prices of diesel and petrol in major cities of Indian today

On Tuesday, former Finance Minister P Chidambaram had stated that the "Relentless rise in prices of petrol and diesel is not inevitable". The recent slump in the rupee has also lifted the import cost of crude oil, subsequently affecting the fuel prices.

Continuing its surge, fuel prices soared again on Friday in Mumbai and Delhi, causing distress among vehicle owners and commuters. On Wednesday, Finance Minister Arun Jaitley had said that there was no need for a "knee-jerk" reaction to the rising prices of global crude oil. Presently, centre levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel.

Mumbai has the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel.

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