Published: Sun, September 09, 2018
Money | By Ralph Mccoy

Petrol in Delhi Crosses Rs 80 Mark, Oppn Unites for Bharat Bandh

Petrol in Delhi Crosses Rs 80 Mark, Oppn Unites for Bharat Bandh

A litre of petrol in Chennai cost Rs 76.75, after rising by 11 paise.

In Kolkata, the price of petrol has been increased to ₹ 83.39 per litre while the diesel price has gone up to ₹ 75.46 per litre. Opposition parties have called for a nation-wide "Bharat Bandh" on Monday (September 10) to protest against the spiralling fuel prices. Diesel rate touched its highest level of Rs 72.51 a litre.

Petrol price reached Rs 80.50 per litre in New Delhi, whereas in Mumbai, buyers have to pay Rs 87.89 for every litre of petrol. Diesel price in New Delhi was at Rs 72.61 per litre on Sunday, whereas in Mumbai, it rose to Rs 77.09.

State-owned oil firms had in June a year ago discarded the policy of changing fuel rates on the first and 16th of every month, and resorted to daily price revision instead.

Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.

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On Wednesday, Finance Minister Arun Jaitley had remained non-committal on cutting excise duty to cushion spiralling petrol and diesel prices, saying worldwide oil prices are volatile and have not shown any linear movement.

The main opposition party 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 oil prices surged globally.

Implication wise, the rise in diesel prices is expected to flare up the inflationary pressure as the fuel is primarily used to transport the majority of goods including agriculture products. The Centre now levies a total excise duty of ₹19.48 per litre of petrol and ₹15.33 per litre on diesel.

Similarly, the price build-up of diesel in Delhi as of Monday includes excise duty of ₹ 15.33, dealer commission of ₹ 2.51, and Value-Added Tax of ₹ 10.46 (including Value-Added Tax on dealer commission). They blame the government's unwillingness to cut excise duty for the high fuel prices and consumer burden. This led to its excise collections from petro goods more than doubling in the last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18.

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