Karnataka government cuts Petrol, Diesel prices by Rs 2/litre

Hike in fuel prices continue, petrol nears Rs 90 mark in Mumbai

On Tuesday, West Bengal chief minister Mamata Banerjee announced a cut in state tax for petrol and diesel, bringing down their prices by Re 1. The price of fuel is reportedly highest in Mumbai at 89.44 rupees per litre of petrol and 78.33 rupees per litre of diesel.

In the other key cities of Delhi and Chennai too, petrol prices climbed fresh highs of Rs 81.63 and Rs 84.85, against the previous levels of Rs 81.28 and Rs 84.49 per litre respectively.

Since oil prices have started rising, following U.S. sanctions on Iraq and the slide of the rupee against the dollar, there have been calls to reduce tax.

The recent surge in transportation fuel prices is attributed to high crude oil prices and a falling rupee.

Petrol prices in at least 12 cities in Maharashtra - Parbhani, Nandurbar, Nanded, Latur, Jalna, Jalgaon, Hingoli, Gondia, Buldhana, Beed, Aurangabad and Ratnagiri - crossed the Rs 90-mark for a litre by Sunday. The BJP has alleged that the state earns Rs 25 on every litre of petrol sold.

India imported crude oil worth Rs. 2,640,30 crore (over $39 billion) between April and July 2018, according to data provided by the Petroleum Planning and Analysis Cell.

Similarly, the price break-up of diesel in Delhi includes excise duty of Rs. 15.33, dealer commission of Rs. 2.52, and Value-Added Tax of Rs. 10.70 (including Value-Added Tax on dealer commission). Diesel, in the West Bengal capital was priced at Rs 75.39 on Saturday, up from previous level of Rs 75.15 per litre. In July, Kumaraswamy had made a budgetary announcement to increase taxation on petrol and diesel by 2% each.



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