Petrol crosses Rs 99 in Mumbai after rates hiked again
Business | May 18, 2021, 04:38 PM ISTPetrol price on Tuesday crossed Rs 99 a litre mark in Mumbai after oil companies raised petrol and diesel rates on surge in international oil prices.
Petrol price on Tuesday crossed Rs 99 a litre mark in Mumbai after oil companies raised petrol and diesel rates on surge in international oil prices.
Petrol and diesel prices on Friday touched record high levels across the country after rates were increased for the fourth time this week.
The pumps price of petrol and diesel remained at Thursday's level of Rs 90.40 a litre and Rs 80.73 a litre respectively in Delhi.
Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021.
Union Finance Minister Nirmala Sitharaman on Tuesday said she was ready to discuss bringing petrol and diesel under GST in the next council meet.
Union Finance Minister Nirmala Sitharaman on Monday said that there is no proposal to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST).
Price of domestic cooking gas, LPG has doubled to Rs 819 per cylinder in the last seven years while the increase in taxes on petrol and diesel has swelled collections by over 459 per cent, Oil Minister Dharmendra Pradhan said on Monday.
Sitharaman, who had increased central excise duty on petrol and diesel by a record margin last year to mop up gains arising from international oil prices plunging to a two-decade low, remained non-committal on taking the first step to cut central taxes to give relief to consumers.
Analysts say that the government has room to cut excise duty on petrol and diesel by up to Rs 8.5 per litre without impacting its target for revenue from the tax on the two fuels.
Petrol and diesel prices have increased sharply in the country over a period of time. In some cities, the price has reached Rs 100 per litre.
Shaktikanta Das said there is a need for coordinated action between the centre and state governments to reduce taxes on petrol and diesel prices.
Uttar Pradesh government has said that there is no proposal to reduce tax on petrol and diesel as revenue is needed to ensure betterment of health services and other development works.
The petrol and diesel prices have increased 25 times in 2021 with the two auto fuels increasing by over Rs 7 each per litre.
The local crime branch received information that a gang from Maharashtra's Osmanabad district was involved in this.
The new retail price of petrol will be Rs 85.86 from its current price of Rs 91.26, while the new retail price of diesel will be Rs 79.13 from its present rate of Rs 86.23 in the state capital, Sangma said after a review meeting he held with his cabinet colleagues and senior government officials.
Petrol price in Delhi inched closer to Rs 90 per litre as the fuel price is seeing a continuous surge.
Petrol prices with additives has crossed broken the psychological Rs 100 per litre mark in different parts of the country as oil marketing companies continue with their daily price hike for auto fuels in wake of heated up global oil market.
Dharmendra Pradhan said that petrol and diesel prices are governed by an international price mechanism.
Petrol and diesel prices on Tuesday climbed to fresh highs in the country as rates were hiked after a three-day hiatus.
Petrol and diesel prices in Delhi touched new all-time highs on Thursday with oil marketing companies (OMCs) raising pump prices by 35 paise a litre.
Top News
Latest News