Published: Mon, October 08, 2018
Markets | By Noel Gibbs

Petrol, Diesel Price Rise Marginally After Excise Duty Cut

Petrol, Diesel Price Rise Marginally After Excise Duty Cut

Petrol and diesel prices on Saturday were also hiked by 20 paise and 30 paise, respectively. Petrol in the city is retailing at Rs 83.52 per litre while diesel price stands at Rs 75.09 per litre.

Prior to Friday's cut, petrol price had risen by Rs 6.86 a litre and diesel by Rs 6.73 since mid-August - the most in any six-week duration after the daily price revision was introduced in mid-June past year. "Kindly bring petrol and diesel under the purview of GST", he tweeted in Hindi. In Mumbai, the prices of petrol and diesel rose to Rs 87.15 per litre and Rs 76.75 per litre respectively.

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Petrol prices had hit an all-time high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. After steadily raising taxes on fuel between 2014 and 2016, the Centre now levies an excise duty of Rs 19.48 per litre on petrol and Rs 15.33 on diesel.

Several states had announced reduction in fuel prices by cutting sales tax/VAT.

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In a press conference organised on Thursday afternoon, finance minister Arun Jaitley announced cuts in the Centre's excise duty on petrol and diesel by Rs 1.50 per litre while promising that the Central government would work towards effective relief of Rs 5 per litre.

However, Maharashtra cut Value-Added Tax only on petrol, attracting criticism that it was acting in the interests of the affluent sections of people.

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Rising fuel prices have become a political controversy in India, with attention specifically focused on the high taxes that the Centre charges. The Maharashtra government had Thursday reduced the prices of petrol by Rs 2.50 per litre. Revenue from petroleum products went up from Rs 88,000 crore in 2013-14 to Rs 1.86 lakh crore in 2015-16 - a massive 69 per cent jump.

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