Petrol, diesel prices on rise again

08 October, 2018, 08:42 | Author: Eric Barnett
  • Assam Govt slashes prices on petrol and diesel; reduces VAT in state

The diesel consumers in the state will get a relief of Rs 4.06 per litre as the Centre has already reduced the prices on the fuel by Rs 2.50 per litre.

Oil-marketing companies increased the prices of petrol and diesel across the four metro cities on Saturday, despite the Centre and states announcing cuts in the rates. The data shows that as of October 5, 2018, the prices of petrol and diesel in Delhi are Rs 81.50, reduction from Rs 84. Chief Ministers of at least 12 states where Prime Minister Narendra Modi's Bharatiya Janata Party is in or shares power lowered the levy by Rs 2.50 on petrol and diesel-except Maharashtra that cut the tax on diesel by Re 1.

Mumbai: A day after slashing Value-Added Tax on petrol in Maharashtra, Chief Minister Devendra Fadnavis on Friday announced a reduction in diesel prices by Rs.4.06 per litre. The move to bring down domestic fuel prices came amid worldwide crude oil rates soaring to 2014 highs in the past few days. After steadily raising taxes on fuel between 2014 and 2016, the Centre now levies an excise duty of Rs 19.48 per litre on petrol and Rs 15.33 on diesel. On Wednesday, Brent hit its highest price since late 2014 at $86.74. He also said he would write to all the states to cut their respective taxes. This happened due to the Rs 1.56 relief on diesel prices announced by the state government on Friday. However, in Mumbai, the diesel have gone up by 7 paise only.

In Kolkata, petrol prices rose to Rs 83.52, whereas diesel prices were at Rs 75.09. Chandigarh has reduced the fuel prices by Rs 1.50.

Nearly half of the fuel price is made up of taxes. Revenue from petroleum products went up from Rs 88,000 crore in 2013-14 to Rs 1.86 lakh crore in 2015-16 - a massive 69 per cent jump.



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