Motorists have marked their dissent against the government for the spiralling fuel prices, calling it "even worse than the UPA-era". The CPI-M's Sitaram Yechury said, "This is clearly not an April Fool's joke".
India reportedly has the highest retail prices of petrol and diesel among South Asian nations as taxes account for more than what the dealers are charged per litre. "Being taxed for Modi's tamashas and advertising". Even as excise duty was cut by Rs 2 per litre in October a year ago, "global rally in crude prices pushed domestic fuel prices far higher than those levels", the newspaper reports.
As per Indian Oil website, this is the highest petrol price since 14 September 2013 when prices had touched Rs 76.06 per litre. Instead, they adopted a daily price revision system to instantly reflect changes in cost.
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Crude oil, which collapsed in mid-2014 and has since traded lower, has sharply gained in the past nine months.
The government has reduced the price of petrol by Rs2.07 and diesel by Rs2 per litre. As India is mostly dependent on imports for its oil needs, the 47 percent recovery in the price of crude oil has led to a 88 billion dollar import bill. The prices of petrol and diesel started rising again after March 23, 2018.
However, a global rally in crude prices pushed domestic fuel prices far higher than those levels, reported PTI. The government had slashed tax just once in October past year by Rs 2 a litre. This move was taken to provide relief to consumers so the central excise duty was slashed by Rs 2 per litre.
Likewise, diesel costs Rs 64.69 a litre which includes Rs 15.33 excise duty and Rs 9.53 VAT which adds up to Rs 24.86. Check the price of petrol and diesel in your city as on April 2, 2018, here.