ibusinesslines.com September 19, 2018

Fuel on fire: Petrol 1 paisa short of Rs 80 in Delhi

09 September 2018, 10:26 | Kelvin Horton

Petrol Prices Reached Rs 79.99 Per Litre In Delhi Govt Says No To Cutting Excise Duty

Petrol Excise Duty Govt

Petrol and diesel prices shot up once again today by around 50 paise to reach fresh record high levels. In Kolkata, petrol costs Rs 82.88 and diesel Rs 74.92.

In some cities in Maharashtra, petrol prices touched Rs 90 a litre - for instance, in Amravati, Buldhana, where they were selling for Rs 88 and Rs 77 a litre. 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 Congress has made a decision to call a nationwide bandh on Monday, September 10 over the issue of rising fuel prices.

Since 1 August, petrol prices have risen by Rs 3.68 per litre.

Petrol price in Kolkata surged from Rs 82.22 per litre on Wednesday to Rs 82.41 per litre on Thursday.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October previous year by Rs 2 a litre.

Petrol and diesel prices are revised daily by state-run oil firms at 6 am.

On Tuesday, former Finance Minister P Chidambaram had stated that the "Relentless rise in prices of petrol and diesel is not inevitable". In Delhi, petrol costs Rs 79.99 and diesel Rs 72.07.

India imports about 80% of its crude oil, and the falling Indian rupee will make the imports costlier and lead to a rise in fuel prices. Additionally, prices in Delhi are the cheapest among all metros mainly due to lower Value-Added Tax rates, and Mumbai has the highest Value-Added Tax on petrol at 39.12%.

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