Increasing Continuously Fuel prices reach new high

Kenny Grant
September 10, 2018

Fuel prices continued its northward march on Monday with petrol and diesel being sold at Rs 80.73 and Rs 72.83 per litre, respectively, in the national capital.

The petrol prices has gone up by around 5% since August 1, while diesel prices has gone up by 7% during the same period.

Similarly, petrol is being sold for ₹83.54 per litre in Chennai and the diesel retail price is ₹76.64 per litre.

"The way the prices are increasing with each passing day, it seems that it would cross Rs. 100 per litre".

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"This is the highest rise in fuel prices under the new price revision system". These are once again the highest ever fuel prices for the two cities.

Petrol prices went up by 39 paise per litre and Diesel prices saw an upward trend of 44 paise per litre in Delhi. To this end, Finance Minister Arun Jaitley has argued that the global oil prices are volatile and have shown no linear movement.

"Since the central government is not responding on (reducing the) petrol prices, Naidu is doing the exercise to give relief to the public", sources in the TDP said. That it is unpopular is evident by the Rajasthan government's decision, ahead of an assembly election, to reduce local taxes on petrol and diesel. The Centre now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel.

Andhra Pradesh has the third highest percentage of Value-Added Tax on petrol at 35.77% after Maharashtra and Madhya Pradesh and the highest on diesel at 28.08%. While petrol costs ₹88.12 a litre, diesel is priced at ₹77.32 a litre, according to the daily price notification issued by OMCs. 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.

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