Petrol price hiked by Rs 7.29 since July 1 inches nearer to Rs 80 in Mumbai
Petrol price hiked by Rs 7.29 since July 1 inches nearer to Rs 80 in Mumbai, Petrol and diesel prices have gone via the roof ever as a result of the central authorities launched every single day revision of gasoline prices. Petrol price in Delhi on Tuesday was at Rs 70.38 per litre, whereas in Mumbai a litre of petrol costs Rs 79.48.
The hike comes at a time when the worth of worldwide crude oil of Indian Basket is at $52.73 per barrel (bbl) as on September 11. The federal authorities had steadily elevated excise duty on petrol and diesel when the worldwide crude prices had plummeted beneath $30 a barrel.
On July 1, the prices of petrol and diesel throughout the nationwide capital had been Rs 63.09 and Rs 53.33 per litre respectively.
Excise duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre ever since Prime Minister Narendra Modi-led BJP authorities obtained right here to power in 2014.
The federal authorities had in November 2015 and January 2016 raised excise duty on petrol and diesel 5 events to take away options arising from plummeting worldwide oil prices. Excise duty on petrol was hiked by Rs 4.02 a litre and that on diesel by Rs 6.97.
Earlier to that, the federal authorities had in four instalments raised the excise duty on petrol and diesel between November 2014 and January 2015 to take away options arising from fall in worldwide oil prices.
The four excise duty hikes all through this period totalled Rs 7.75 per litre on petrol and Rs 6.50 a litre on diesel. It led to about Rs 20,000 crore in additional earnings to the federal authorities, serving to it meet the fiscal deficit purpose.
The federal authorities has excluded petrol and diesel from the ambit of GST (Objects and Service Tax). Petroleum merchandise nonetheless attraction to state and central levies just like excise duty and VAT(Price added tax).
Earlier this month, Oil Minister Dharmendra Pradhan dominated out slicing taxes on petrol and diesel to cushion the impression of rising worldwide oil prices.
Requested if the federal authorities is considering slicing excise duty on petrol and diesel, he talked about, “Not however. When state of affairs arises, we’re going to see.”