Published: Mon, September 10, 2018
Money | By Ralph Mccoy

Petrol, diesel prices hit new highs as opposition stages Bharat Bandh

Petrol, diesel prices hit new highs as opposition stages Bharat Bandh

Petrol & Diesel prices in Delhi are Rs.80.38 per litre & Rs.72.51 per litre, respectively. In Chennai, each litre of petrol now costs Rs 83.66, whereas diesel prices are at Rs 76.75 per litre.

Diesel is priced at Rs 77.92 per litre in Parbhani.

"Common man is suffering a lot due to the increasing prices of fuel".

According to reports, the Centre imposes a total of Rs 15.33 per litre of the excise duty on diesel and Rs 19.48 on petrol. The new petrol and diesel prices will be applicable from Tuesday morning (September 11).

Pradhan had in May this year - when petrol, diesel prices had reached their earlier peaks - said that the government is working on a long-term solution to reign in fuel prices when they reach uncomfortable levels.

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The price rise in petrol was slightly lower in Kolkata in comparison of other metropolitan cities.

Nearly half of the retail selling price of the two fuels is made up of central and state taxes.

Opposition parties have called for a bandh today to protest high retail prices of petrol and diesel. However, Finance Minister Arun Jaitley denied the request saying global oil prices volatile and haven't shown any linear movement. Besides this, the states levy Value Added Tax (VAT) is all there.

The VAT on petrol has been reduced from 30 to 26 per cent and from 22 to 18 per cent on diesel, Rajasthan Chief Minister Raje announced at a public gathering in Rawatsar in Hanumangarh district on Sunday. The Central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October past year by Rs 2 a litre.

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