Petrol, diesel prices hit new highs as opposition stages Bharat Bandh

Andrew Cummings
September 10, 2018

The petrol prices has gone up by around 5% since August 1, while diesel prices has gone up by 7% during the same period. In Mumbai, a litre of petrol costs Rs 87.77 and diesel comes for Rs 76.98, the notification said.

Andhra Pradesh government announced a cut of Rs 2/ litre. In Bengaluru, petrol price is Rs 83.36 and diesel is Rs 75.18. One factor, the high level of taxes on the retail price, is a fiscal choice. Besides Delhi, several other key cities have also come under the effect of hiked prices.

Meanwhile, normal life was hit in some states on Monday with offices and educational institutes closed and vehicles off the roads during an opposition sponsored "Bharat Bandh" against the rising fuel prices.

Post the price hike, non-branded petrol was priced at Rs 80.73 per litre in Delhi while diesel costs Rs 72.83 per litre - the highest ever prices recorded in the country's history. They blame the government's unwillingness to cut excise duty for the high fuel prices and consumer burden. To this end, Finance Minister Arun Jaitley has argued that the global oil prices are volatile and have shown no linear movement. The Centre now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel.

According to reports, the Centre imposes a total of Rs 15.33 per litre of the excise duty on diesel and Rs 19.48 on petrol.

The VAT on petrol has been reduced from 30 to 26 per cent and from 22 to 18 per cent on diesel, Rajasthan Chief Minister Raje announced at a public gathering in Rawatsar in Hanumangarh district on Sunday. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where 6 per cent sales tax is charged on both the fuels.

Other reports by iNewsToday