Petrol, Diesel prices hiked again, rates at record high

Petrol and diesel prices eye century household budgets clean bowled

The primary transportation fuel saw a hike of 12 paise, whereas diesel went up by 11 paise across major cities in India. Petrol and diesel prices have risen steadily since August 1 of this year, with rising global fuel prices and a depreciating rupee against dollar. On Saturday, the fuel prices jumped to new record highs with a litre of petrol costing Rs 80.38 per litre and Rs 72.51 per litre that for Diesel in Delhi. Because the price is built up by excessive taxes on petrol and diesel. The petrol price in Mumbai continues to inch closer to Rs 90. Both petrol and diesel prices were hiked by 23 paise after which a litre of petrol costs Rs 88.12 in Mumbai while diesel costs Rs 77.32. The increase in fuel prices again on Monday comes amid a call for nation-wide bandh by opposition parties today. Following the hike, petrol and diesel quoted a record high of Rs 83.91 and Rs 76.98 a litre, respectively. One factor, the high level of taxes on the retail price, is a fiscal choice.

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. Now, Shiv Sena has joined the mix too, criticising the government for its inability to put a check on the fuel prices. However, Finance Minister Arun Jaitley denied the request saying worldwide oil prices volatile and haven't shown any 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. Mumbai has the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel. That it is unpopular is evident by the Rajasthan government's decision, ahead of an assembly election, to reduce local taxes on petrol and diesel.

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