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Fuel prices reach new high: Petrol prices cross Rs 80-mark in New Delhi; Oppn plans protests next week

Fuel prices have maintained an upward curve over the course of past few weeks. Petrol price and diesel price have gone up by Rs 2.85 per litre and Rs 3.3 per litre respectively since mid-August.

twitter-logo BusinessToday.In        Last Updated: September 9, 2018  | 12:58 IST
Fuel prices reach new high: Petrol prices cross Rs 80-mark in New Delhi; Oppn plans protests next week

Petrol price crossed the Rs 80-mark on Saturday in New Delhi to reach an all-time high. The primary transportation fuel is selling at Rs 80.30 per litre in the national capital after an increase of 39 paise. Meanwhile, vehicle owners in Mumbai have to pay Rs 87.77 for every litre of petrol after a hike of 38 paise.

Diesel price in Delhi also moved upward to Rs 72.51 per litre after an increase of 44 paise, whereas it reached Rs 76.98 per litre in Mumbai after a hike of 47 paise.

Fuel prices have maintained an upward curve over the course of past few weeks. Petrol price and diesel price have gone up by Rs 2.85 per litre and Rs 3.3 per litre respectively since mid-August. Opposition parties have even threatened to observe a nationwide strike on September 10 in protest against the record-high fuel prices.

Congress has asked the Centre to cut down excise duty on fuel, as was done by previous governments to keep prices in check each time international prices surged. Finance Minister Arun Jaitley, however, remained non-committal to reduce excise duty, arguing that oil prices are volatile and have not shown linear movement.

The high petrol and diesel prices have often been blamed on taxes levied by the states and the Centre on transportation fuels. The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel.

In addition to the taxes levied by Centre, states charge Value Added Tax (VAT) on petrol and diesel. The Andaman and Nicobar Islands have the lowest state taxes on fuel at 6 per cent on both petrol and diesel. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.

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