What Consumers Pay For Petrol, Diesel After Price Cuts

Mae Love
October 8, 2018

Petrol, diesel rates: On Wednesday, Brent hit its highest price since late 2014, at $86.74.

After lowering sales tax/VAT charged on petrol following Centre's decision, Maharashtra government on Friday also reduced the diesel price by Rs 1.56 per litre.

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

This announcement came in after Union Finance Minister Arun Jaitley, announced marginal relief for citizens from runaway fuel prices with excise duty cut of Rs. 1.50 and another Re. Diesel prices went up by almost 30 paise and petrol prices increased by nearly 20 paise. Fuel rates saw a marginal increase after excise duty cut by Centre, VAT reduction by BJP-ruled states and Re 1 price cut by oil marketing companies coming into effect. However, the diesel rate in Mumbai was increased by only 7 paise on Saturday. Several states, including Gujarat, Assam, Uttar Pradesh, Chattisgarh, Jammu and Kashmir, and other slashed prices by as much as Rs 2.5 on the same day, expanding the effective relief to customers to Rs 5.

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"We will also write to states, asking them to reduce VAT taxes by another Rs 2.5 per litre".

Even though the central government and some BJP-ruled state governments reduced the prices by Rs 5 collectively, the results are not positive for the four metro cities, out of which, three are ruled by non-BJP governments. In Lucknow, every litre of petrol costs Rs 79.12, whereas the same amount of diesel is selling for Rs 71.28.

Diesel is retailed at Rs 73.53 per litre in Delhi, Rs 75.38 per litre in Kolkata, Rs 77.06 per litre in Mumbai and Rs 77.73 in Chennai. On top of this, states levy value-added tax (VAT).

The hike in duties in 2014-16 had led to excise collections from petro goods rising from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18.

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