new Delhi. Oil companies have increased diesel prices on Wednesday for the 18th consecutive day. It is a matter of relief that there was no increase in the price of petrol on Wednesday and its prices remained stable. However, this is probably also the first time that the price of diesel in the capital is more than petrol. There was no increase in the price of petrol on Wednesday, but the price of diesel was increased by 48 paise per liter. Earlier on Tuesday, petrol became costlier by 20 paise and diesel by 55 paise per liter.
After the latest increase, the price of petrol in Delhi remained stable at Rs 79.76 and the price of diesel increased from Rs 79.40 to Rs 79.88 per liter. Oil companies increase prices across the country simultaneously, but retail prices vary because of sales tax or value-added tax (VAT) at different rates in states. For the last 18 days, the retail price of both fuels has been continuously increasing. During this period, the price of petrol has increased by Rs 8.50 and diesel by Rs 10.52 per liter.
The oil companies did not change the price of petrol and diesel for 82 days during the Corona virus and its enforced lockdown. From June 7 onwards, the price was changed according to their international cost. After this, the process of increasing prices for the last 18 consecutive days continues.
About two-thirds of the current price of petrol includes various taxes. Petrol price includes central excise duty of Rs 32.98 and local tax or VAT of Rs 17.71 per liter. Similarly, taxes accounted for more than 63 percent of the price of diesel. It has a share of central excise duty of Rs 31.83 per liter and VAT of Rs 17.60 per liter. On March 14, the government increased the excise duty on both petrol and diesel by three rupees per liter when crude oil prices were falling in the international market. After this, on May 5, the excise duty was again increased by a record Rs 10 on petrol and Rs 13 on diesel. With this, the government will get an additional revenue of two lakh crore rupees on an annual basis.
This post was published on June 24, 2020 9:26 am
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