Published: Mon, October 08, 2018
Economy | By

Petrol, diesel prices start rising again

Petrol, diesel prices start rising again

After reducing the petrol prices, the Maharashtra government will cut the diesel prices by Rs 1.56 per litre, Chief Minister Devendra Fadnavis said in a tweet.

Meanwhile, in Chennai petrol costs Rs. 84.89 per litre and diesel is priced at Rs 77.42 per litre. The move to bring down domestic fuel prices came amid worldwide crude oil rates soaring to 2014 highs in the past few days.

Mumbai: Petrol and diesel prices on Sunday has witnessed a fresh hike.

Earlier in the day, Fadnavis had told reporters that the government will reduce local taxes on diesel by Rs 1.50 so that the consumers get relief of Rs 4 per litre.

After providing a relief of two days to the common man over rising fuel prices, the petrol and diesel prices again saw a hike of 18 paise and 29 paise respectively in Delhi.

In India, nearly half of the price of retail fuel is due to taxes. The rate of diesel has been hiked by Rs 0.29 in Delhi and Kolkata, and by Rs 0.31 in Mumbai and Chennai. The states where the prices have been decreased are Gujarat, Chhattisgarh, Tripura, Jharkhand, Uttar Pradesh, Madhya Pradesh, Maharashtra, Himachal Pradesh, Haryana, Assam, Arunachal Pradesh, Uttarakhand, Jammu and Kashmir and Goa, said reports.

The reduction in excise duty, only the second in four years of BJP-led NDA rule, will dent central government revenues by Rs 10,500 crore and was aimed at cooling retail prices that had shot up to an all-time high.

Industry sources said for state-owned fuel retailers absorbing Re 1 per litre price would mean a Rs 9,000 crore hit on profits on an annualised basis.

States saw their Value-Added Tax revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

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