Prices of petrol, diesel hiked. Know revised rates in metro cities
Business | August 27, 2018 12:17 ISTThe Centre currently levies a total of Rs. 19.48 per litre of excise duty on petrol and Rs. 15.33 per litre on diesel.
The Centre currently levies a total of Rs. 19.48 per litre of excise duty on petrol and Rs. 15.33 per litre on diesel.
The Union finance ministry, he said, has not mooted any proposal to bring petrol and diesel or even natural gas under GST but took up the issue at the last GST Council meeting on August 4 based on media reports.
The petrol and diesel prices were hiked on Saturday for the third consecutive day by the oil marketing companies IOC, HPCL and BPCL.
However, the price of crude oil increased in the international market on Tuesday due to Libyan oil exports.
Bringing petrol and diesel under GST will not be an easy call for the central government as it will have to let go of about Rs 20,000 crore of input tax credit that it currently collects by keeping petrol, diesel, natural gas, jet fuel and crude oil out of the GST regime.
Javadekar pointed out that the solution lies with state governments also as they too levy their taxes.
This is the second reduction in rates coming after a 16-day relentless price hike that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls.
In IndiaTV's exclusive report, it was revealed that the smugglers purchase fuel from Nepal at Rs 65 and sell it at Rs 80 in Bihar, Rs 5 cheaper than the market rate on the Indian side of the border.
Petrol price cut by 7 paise, diesel by 5 paise per litre
In IndiaTV's exclusive report, it was revealed that the smugglers purchase fuel from Nepal at Rs 65 and sell it at Rs 80 in Bihar, Rs 5 cheaper than the market rate on the Indian side of the border.
While Petrol touched Rs 78.43 per litre in Delhi, it was crossed Rs 86-mark to sell at Rs 86.24 per litre in Mumbai. Diesel in Delhi stood at Rs 69.31 per litre and Rs 73.79 per litre in Mumbai.
The time has now come for the Centre to go in for a permanent solution instead of resorting to cosmetic changes.
Seven Days of continuous hikes: Petrol crosses Rs Rs 76.24 per litre in Delhi
Petrol price on Monday increased by 33 paisa a litre in Delhi - the highest since the daily price revision came into force in mid-June 2017.
The petrol price in New Delhi stood at Rs 75.61 per litre, whereas in Mumbai, Kolkata and Chennai, the prices stod at Rs 83.45 per litre, Rs 78.01 per lire and Rs 78.16 per litre respectively.
According to the official website of Indian Oil petrol price in Delhi was hiked to Rs 74.80 per litre from Rs 74.63 while diesel rates were increased to Rs 66.14 a litre from Rs 65.93.
Delhi will be the first city in the country to leapfrog from Euro-IV grade petrol and diesel to Euro-VI.
Petrol prices in the national capital were at Rs 72.49 per litre -- the highest in over three years, data from the Indian Oil Corp showed. The previous record was Rs 72.51 in August 2014.
The Punjab Minister accused the Modi government of "profiteering at the expense of the common man". "Thus to provide relief to the common man, petroleum products should be brought under the ambit of the GST," he said.
The Madhya Pradesh government also withdrew the additional cess of Rs 1.50 per litre on diesel.
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