Petrol prices hit 55-month high, diesel prices costliest ever
Business | April 20, 2018 13:18 ISTOn Friday, petrol prices were raised marginally by 1 paisa per litre, while diesel prices witnessed an increase of 4 paise per litre.
On Friday, petrol prices were raised marginally by 1 paisa per litre, while diesel prices witnessed an increase of 4 paise per litre.
On Tuesday, Petrol prices remained above four-year high level in Delhi while diesel prices touched a new high. Here's why.
The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
Prior to this, the highest price of petrol in Delhi was Rs 73.60 a litre, way back in July 2014.
Amid spiralling petrol and diesel prices, Chief Economic Advisor Arvind Subramanian on Monday called for petroleum products to be brought under the ambit of the Goods and Services Tax (GST).
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19.
In case of petrol, prices have been on rise for the last three weeks, while diesel prices have been increasing on a daily basis over the past two weeks.
The Union Government has announced that Methanol Policy which calls for 15% blending of Methanol in petrol to make it cheaper and also reduce pollution.
Asking states to lower tax on petrol and diesel is not a permanent solution.
Petroleum Minister Dharmendra Pradhan on Wednesday urged the state governments to cut Value Added Tax (VAT) on fuel by 5 per cent
The government on Tuesday reduced Excise Duty on petrol and diesel by Rs 2 per litre, effective October 4.
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