Diesel @ Rs. 69.46; Petrol @ Rs. 78 per litre

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No more Bharat Bandh calls, Parliament disruption by BJP

Diesel prices on Monday have hit an all time high touching Rs. 69.46 per litre, while petrol rates too have advanced to Rs. 78 per litre. The fall in rupee has resulted in making imports dearer.

As per the notification issued last evening to the state owned fuel retailers, diesel and petrol prices were hiked by approximately 14 paise and 13 paise per litre respectively. This has marked the highest level for diesel pricing at Rs. 69.46 per litre in Delhi, whereas the fuel costs Rs. 73.74 per litre in Mumbai. Subsequently, petrol is being pegged at Rs. 77.91 in Delhi as against Rs. 85.33 in Mumbai.

The last high for diesel pricing was recorded on 29th May when it touched Rs. 69.31 in Delhi. However, the current petrol pricing is a notch lesser than Rs. 78.42 per litre in Delhi and Rs. 86.24 per litre in Mumbai recorded on the same date in May this year. The fuel taxes are considered to be cheapest in Delhi as well as other state capitals, due to lower sales tax and VAT.

The rupee value breached the Rs. 70 mark per USD on 16th August this year and since then we have been witnessing an upswing in the fuel prices. The past 12 days has witnessed a substantial increase in fuel rates; Rs. 0.77 per litre for petrol and Rs. 0.74 per litre for diesel.

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The fifteen year old practice of revising fuel rates on every 1st and 16th of the month had been altered by the state owned oil firms due to the fluctuations in price daily. The government has however, ruled out any possibility of an immediate relief in excise duty to control the price rise.

As reported by PTI, the central government levies an excise duty of Rs. 19.48 per litre on petrol and Rs. 15.33 per litre on diesel. In addition to this, the consumers are also burdened with state levied VAT, where 6% is the lowest charge on both fuels in the state of Andaman and Nicobar.

From November 2014 to January 2016, the central government had enhanced the excise duty on petrol by Rs. 11.77 and on diesel by Rs. 13.47 a litre over a period of nine installments. Despite the fall in global prices then, a mere Rs. 2 per litre was extended as tax relief last October, which is just once in past four years.

The results yielded from this tax collection have more than doubled the excise collections from Rs. 99,184 crores in 2014-15 to Rs. 2,29,019 crores in 2017-18. The state governments too, have witnessed subsequent rise in VAT revenue from petro goods from Rs. 1,37,157 in 2014-15 to Rs. 1,84,091 in 2017-18.

Ironically, the current prime minister had been extremely vocal in criticizing the earlier government, terming it as a “Failure of Congress-led UPA”

In 2012, BJP had also joined hands with the Left demanding a Bharat Bandh against petrol prices. The opposition had also disrupted the Parliament in March 2013, when another price hike was affected.

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