Petrol and diesel prices in India are subject to variations influenced by factors such as freight charges, Value-Added Tax (VAT), and local taxes. These elements contribute to differing fuel rates across states.
Maharashtra Finance Minister Ajit Pawar presented a Rs 20,051 crore revenue deficit budget for the current fiscal as he announced several sops for women, youths and farmers, among other sections. Earlier, he had presented an interim budget in February in view of the Lok Sabha polls.
A state-wide strike at petrol pumps has been declared in Rajasthan. During the time of the strike 'no sale, no purchase' of petrol and diesel will be followed.
Petrol and diesel pricing in India undergoes variations due to factors such as freight charges, Value-Added Tax (VAT), and local taxes. This leads to distinct rates across states, reflecting the diverse economic dynamics influencing fuel costs.
The reduction in price as claimed by the state government is a natural result of the Centre's decision to cut down excise duty on fuel, Fadnavis said in a series of tweets.
The much-debated fuel prices and the current coronavirus situation in the country were among the prominently discussed issues in the Council of Ministers' meeting chaired by Prime Minister Narendra Modi via video conferencing on Wednesday, sources told India TV.
Fuel prices in the country have been on the rise in the last few months.
The West Bengal government on Sunday announced a reduction of tax by Re 1 per litre on petrol and diesel. The decision, announced by state finance minister Amit Mitra, will be effective from midnight.
Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies.
Global crude prices are holding close to $ 42 a barrel now. It has been hovering between $ 40-42 a barrel for over a month now. But with lower oil demand and rising inventory, there is fear a song oil-producing companies that crude prices may start falling again.
The price of petrol was increased by 47 paise a litre while that of diesel by 57 paise a litre in Delhi. Petrol and diesel will now cost Rs 76.73/litre and Rs 75.19/litre respectively in the national capital.
Petrol and diesel prices in Chandigarh will go up by nearly Rs 3 per liter with the Union Territory administration announcing a hike in VAT on fuel by five per cent on Wednesday. The tax hike will generate additional revenue of Rs 100 crore for the UT administration in 2020-21.
On Friday, petrol prices in Delhi and Mumbai fell down by 12 paisa a litre; 11 paisa/litre in Kolkata and 13 paisa/litre in Chennai.
Petrol and diesel prices started rising soon after the last phase of the general election concluded, and have increased by 70-80 paisa per litre in the past nine days.
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Arun Jaitley announces Rs2.5/litre relief on petrol, diesel prices
Finance Minister Arun Jaitley has announced that the Modi Government has decided to provide the relief against the backdrop of surging crude oil prices, which was at a four-year high of $86 a barrel. Announcing the decision to cut excise duty by Rs 1.5 per litre, while asking oil companies to absorb the loss of Rs 1 per litre, Jaitley also requested state governments to provide relief to consumers.
Political parties, including Congress, have been demanding that the petrol and diesel be brought under the GST so that duties on them can come down that will reflect in lower prices at the pump.
This is the 15th straight hike in a row after the dynamic pricing system resumed on May 14. Since then, petrol and diesel prices have risen by Rs 3.64 and Rs 3.24 respectively in Delhi.
Amid the “crisis situation” created by rising fuel prices, BJP President Amit Shah on Tuesday said that the Centre taking the issue of oil prices seriously, and that it is working out on a formula to reduce the rates.
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