Petrol price today hit a 55-month high of Rs 74.50 a litre, while diesel rates touched a record Rs 65.75, renewing calls for a cut in excise duty to ease the burden on consumers.
On Tuesday, Petrol prices remained above four-year high level in Delhi while diesel prices touched a new high. Here's why.
India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.
The UPA government had not included petroleum products to be part of GST "because the UPA knew it would be a deal breaker with the states," Jaitley said in response to a question by P Chidambaram.
Since 40% of the state and central revenues come from petroleum products, they will have the liberty to levy taxes over and above the GST rate, Sushil Modi said.
India today pressed oil cartel OPEC to adopt "responsible pricing" for oil and consider the world's third-biggest oil consumer as its preferred sales destination
Petrol price were today cut by Rs 2.5 per litre and diesel by Rs 2.25 a litre, a day after the government reduced excise duty on auto fuels.
The Centre has asked state governments to reduce VAT in order to further ease the burden on consumers.
The cost of diesel touched a lifetime high of Rs 59.14 per litre in capital Delhi on Tuesday.
Bringing petroleum products under GST may lead to petrol and diesel prices falling by as much as Rs 31 in Delhi.
Two days ago, the Sena, a constituent of the ruling NDA at the Centre and in Maharashtra, had said high fuel prices were the main reason for suicides by farmers in the country.
The opposition parties have blamed that the high tax burden on these fuels and asked the government to take immediate steps to bring down the rising petrol and diesel prices to give relief to the consumers.
While crude oil remains cheaper, steep taxes levied by central and state governments have resulted in petrol and diesel prices going back to 2014-levels
Oil Minister Dharmendra Pradhan on Wednesday ruled out government intervention to disrupt the daily revision in petrol and diesel prices despite Rs 7.3 per litre spike in rates since July, saying the reform will continue
Petrol price was today cut by Rs 1.12 per litre and diesel by Rs 1.24 per litre, the last of the fortnightly revisions after which daily correction in rates in step with cost will be implemented
Oil marketing companies are set to dump the current mechanism of fixing petrol and diesel prices on a fortnightly basis and instead move to a new mechanism across the nation from the second fortnight of this month
India’s oil marketing companies on Wednesday raised the prices of petrol by Rs 1.23 litre and diesel prices by 86 paise per litre. The hiked prices will be effective from midnight tonight
Following the recent spurt in oil prices to well over $50 a barrel, state-run Indian Oil Corp (IOC) today hiked prices of petrol by Rs 1.29 a litre - the third increase in a month,
Following the Organisation of Petroleum Exporting Countries' (Opec) decision to cut crude oil production by 1.2 million barrels per day (mpbd), the price of petrol is expected to go up by 5-8 per cent and
Top News
Latest News
