Fuel price update: In Mumbai, petrol rates were increased by 52 paise litre and diesel by 55 paise a litre on Tuesday. In Mumbai, petrol prices stood at  Rs 80.01/litre, and diesel prices at Rs 69.92/litre

Rajasthan Petroleum Dealers Association President Suneet Bagai said that state government has revised the VAT rate third time in the last three months

The steepest ever hike in excise duty by Rs 13 per litre on diesel and Rs 10 per litre on petrol has catapulted India as the country with the highest taxes on fuel. The government had issued a notification to increase road cess on petrol and diesel by Rs 8 per litre. Further, additional excise duty was also hiked by Rs 2 per litre on petrol and Rs 5 per litre on diesel. This was the steepest ever hike in duties on fuel in India and came on the same day as the state government in Delhi hiked value added tax which goes to its own kitty by Rs 7.1 per litre on diesel and Rs 1.6 per litre on petrol. Watch the video for more details.Also Read: Private jets industry wrecked; only 5% fleet flying, 40% aircraft to remain grounded after lockdown

Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report

Share price of Rallis India fell up to 7.91% to Rs 205.95 compared to its previous close of Rs 223.65

Share price of Adani Enterprises declined 4% to Rs 127.40 compared to the previous close of Rs 132.70 on BSE

Astec Lifesciences share price hit upper circuit of 20% at Rs519.75 compared to the previous close of Rs 433 on BSE

Share price of SBI Cards and Payment Services gained 2.85% to Rs 568.70 compared to the previous close of Rs 552.90 on BSE

For the January-March quarter of FY20 (Q4 FY20), Adani Enterprises' consolidated PAT attributable to owners plunged 78.44 per cent to Rs 61 crore compared to Rs 283 crore in Q4 FY19

Weighed down by excise duty hike, shares of oil marketing companies, BPCL, Indian Oil and HPCL, tumbled up to 13 per cent in intraday trade on the Bombay Stock Exchange on Wednesday

The steepest ever hike in excise duty by Rs 13 per litre on diesel and Rs 10 per litre on petrol last night, has catapulted India as the country with the highest taxes on fuel around the world; Asserting that the United States has flattened the curve on coronavirus, President Donald Trump said on Tuesday the country is now in the next stage of the battle, which is a \"very safe phased and gradual reopening\"; Eight candidate vaccines have entered the human clinical trials and another 100 candidates are in preclinical evaluation to find a permanent cure for Coronavirus, the World Health Organisation (WHO) has said. Watch this and more on News blast.Also Read: Tax hike on petrol, diesel to add Rs 1.4 lakh crore to govt's kitty: Barclays

BPCL share price fell 10% to Rs 312.55 compared to the previous close of Rs 346.80 on BSE

While revenues coming out of road cess will only go to the Centre, it will share some revenues out of excise duty hike with state governments

When Modi govt took office in 2014, total tax on petrol was Rs 9.48 per litre and Rs 3.56 a litre on diesel; excise duty on petrol has now gone up to Rs 32.98 per litre, while on diesel it is Rs 31.83 per litre

Coronavirus lockdown: Over 70,000 migrants have reached home in 76 Shramik Special trains, says RailwaysThe Ministry of Railways has said that over 70,000 migrants, who were stranded due to the countrywide lockdown have reached their homes safely via Sharamik Special trains. A total of 76 Shramik Special trains have carried over 70,000 migrants to their homes between May 1 to May 5, the railway ministry said. As many as 35 trains originated from Gujarat, followed with 13 from Kera...

Taxes account for 63 percent of the retail price of fuel in France and Germany, 64 percent in Italy, 62 percent in Britain

Sensex, Nifty Live News Today: Bharti Airtel, ONGC, NTPC, Reliance Industries and Tata Steel were among the gainers in the Sensex pack. On the other hand, ITC, Axis Bank, Titan, Bajaj Auto, Maruti, M&M, L&T and IndusInd Bank were among the was the top losers.

After the increase in VAT, the prices of petrol and diesel in Punjab will be costlier by Rs 6.61 a litre and Rs 4.86 a litre respectively than Chandigarh

The revenue generated from these duties shall be used for infrastructure and other developmental items of expenditure

According to the Reserve Bank of India's 'State Finances: A Study of Budgets of 2019-20' report published in September 2019, the levies on alcohol make-up on an average 10 to 15 per cent of States' Own Tax Revenue (SOTR) for the majority of states