Tuesday, 16 October, 2018

Petrol, Diesel Price Rise Marginally After Excise Duty Cut

Petrol now cheaper by Rs 3 in Noida as compared to Delhi Assam Govt slashes prices on petrol and diesel; reduces VAT in state
Jean Garcia | 08 October, 2018, 08:39

On October 4, Finance Minister Arun Jaitley had announced a cut of Rs 2.50 per litre on both petrol and diesel prices and directed the state governments to implement the same. This happened due to the Rs 1.56 relief on diesel prices announced by the state government on Friday. Petrol prices in Bengaluru were at Rs 82.32, whereas rates for diesel were at Rs 73.61.

On May 26, 2014, the price of crude oil (Indian Basket) was $108.05 per barrel in the worldwide market.

"The people will pay a heavy price for the follies of the BJP-led NDA government". The Centre, prior to the excise duty cur, levied a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. Chandigarh has reduced the fuel prices by Rs 1.50.

After the latest fuel price hike, petrol and diesel prices in Mumbai are Rs 87.50 and Rs 77.37 respectively.

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Just after the BJP government came into power on May 26, 2014, the prices of petrol and diesel in Delhi were Rs. 71.51 and Rs 57.84 respectively. At the same time, the prices of crude oil in the worldwide market was $108 per barrel but the prices of the crude oil dropped to $77 per barrel at the start of November and further reduced to $36 in March, 2016.

Mumbai: Petrol and diesel prices on Sunday has witnessed a fresh hike.

The year 2015-16 and 2016-17 was the best in terms of revenue generation from oil for the central government. According to an official release, Value-Added Tax on petrol in state has been reduced from 26 per cent to 22.20 per cent, whereas it will be 15 per cent on diesel as against the earlier rate of 19 per cent.

A day after customers got a breather from rising fuel prices as the government provided relief on auto fuel with excise duty cut, petrol in Delhi is priced higher by 18 paise at Rs 81.68 per litre whereas diesel price also increased by 29 paise to Rs 73.24 per litre, as per the website of Indian Oil Corporation (IOC).

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