Petrol, Diesel Prices Soar To New Record High

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Petrol and diesel prices reached a new record level on Friday after oil marketing companies (OMCs) hiked fuel rates by around 50 paise per litre across four metros cities. According to price notification of state-owned fuel retailers, petrol is selling at a price of Rs. 79.99 per litre in Delhi. A litre of petrol is retailing at Rs. 87.39 in Mumbai, Rs. 83.13 in Chennai and Rs. 82.88 in Kolkata. Diesel can be purchased today at a price of Rs. 72.07 per litre in Delhi. 

Diesel is vending at Rs. 76.51 per litre in Mumbai, Rs. 76.17 per litre in Chennai and Rs. 74.92 per litre in Kolkata. Except for a halt on September 5, fuel prices have been on fire since mid-August, rising almost every day due to a combination of a drop in rupee value and rise in crude oil rates. 

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. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. The government will not cut excise duty on petrol and diesel to cushion spiralling prices, as it has limited fiscal space available to take any dent in revenue collections.