Petrol breaches Rs 80 per litre mark in Delhi

Petrol and diesel prices eye century household budgets clean bowled

Representational image courtesy Pixabay

The opposition parties, led by Congress have called a "Bharat bandh" protesting against high fuel prices and accusing the Modi-led government of revising excise duty on petrol and diesel twelve times leading to a sharp spike in their prices.

Andhra Pradesh Chief Minister Chandrababu Naidu today became the second Chief Minister to announce a cut in state tax for fuel, which will bring down prices by Rs 2 per litre and cost the exchequer around Rs. 1,120 crore. In a span of one week, prices of petrol and diesel have gone up by Rs 1.65 a litre and Rs 1.92 a litre, respectively.

"The way the prices are increasing with each passing day, it seems that it would cross Rs. 100 per litre".

Diesel is priced at Rs 77.92 per litre in Parbhani.

The depreciating value of the Indian rupee and hiked crude oil prices continues to haunt the commuters in the national capital and other states across the country. In Mumbai, a litre of petrol costs Rs 87.77 and diesel comes for Rs 76.98, the notification said.

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Maharashtra Chief Minister Devendra Fadnavis on Sunday said that the state government was working on various proposals to give relief to the people from rising fuel prices.

The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹72. That it is unpopular is evident by the Rajasthan government's decision, ahead of an assembly election, to reduce local taxes on petrol and diesel. The Centre now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel.

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.

On top of this, states and union territories levy value added tax (VAT), ranging from six percent to as high as 39 percent.

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