Petrol, diesel prices scale new highs on rupee woes

Petrol, diesel prices scale new highs on rupee woes

This increase in fuel prices again today comes amid the ongoing nation-wide bandh organised by the opposition parties today.

Nowhere in India is the price of petrol higher than in Maharashtra's Parbhani: Here, it is as high as Rs 89.97 per litre, a number close to the psychological barrier of Rs 90 per litre. "Now, the crude oil costs $70 per barrel, but the Centre is increasing the petrol and diesel prices abnormally every day", he said.

Since mid-August, petrol price has risen by Rs 3.42 a litre and diesel by Rs 3.84 per litre as rupee hit record low against the United States dollar, making imports costlier. The increase pushed the petrol price in Delhi to Rs 80.50 per litre. Diesel rate touched its highest level of Rs 72.51 a litre.

But how much of the petrol price goes to the government as taxes? "If taxes are cut, prices will decline significantly".

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The depreciating value of the Indian rupee and hiked crude oil prices continues to haunt the commuters in the national capital and other states across the country. Nearly half of the retail selling price of the two fuels is made up of Central and State taxes. The Centre now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel. Taking a dig at the Narendra Modi-led BJP government at the Centre, the NDA constituent put up posters on Saturday which quoted the prices of petrol, diesel and gas in 2015 as against the prices in 2018.

If the reports coming from the power corridors of Amaravati, Telugu Desam Party president and Andhra Pradesh chief minister N Chandrababu Naidu is learnt to have chose to give relief to the citizens by reducing the Value Added Tax (VAT) on diesel and petrol in the State. This led to its excise collections from petro goods more than doubling in the last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18.

The state earned more than Rs 25,000 crore by levying Value-Added Tax of petroleum products during 2017-18, according to the released by Petroleum Planning & Analysis Cell.

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