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Petrol, diesel prices on the rise again

Monday, October 08, 2018

Within a day of the one-off excise duty cut and PSUs subsidising fuel, petrol and diesel prices are on the rise again and have hit a three week high.

Petrol and diesel prices were cut by a minimum Rs 2.50 on October 5 when the government's only second cut in excise duty of Rs 1.50 per litre and state-owned fuel retailers providing a Re 1 per litre subsidy came into effect. In BJP-ruled states, the reduction was higher as they matched the cut with a similar reduction local sales tax or VAT.

But the prices were on the rise from the very next day. Petrol price was hiked by 18 paise a litre on October 6 and 14 paise yesterday, according to daily price notification issued by state-owned oil firms.

Delhi, which did not cut VAT on fuel, still has the cheapest fuel in all metros and bulk of state capital as it levies lower taxes. Mumbai despite reducing VAT on petrol still has the highest priced fuel. Petrol in Mumbai sells for Rs 87.29 a litre yesterday and diesel is priced at Rs 77.06.

Petrol prices had hit an all-time high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel rates too had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. Following the twin decision, they fell to Rs 81.50 per litre of petrol in Delhi and Rs 86.97 in Mumbai.

Diesel rates fell to Rs 72.95 in Delhi and Rs 77.45 in Mumbai on October 5. Yesterday, the rates hit a three-week high. Almost half of the fuel price is made up of taxes. 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. On top of this, states levy value-added tax (VAT).

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