Petrol, diesel prices hiked in Rajasthan, Uttarakhand due to tax

Modi and Fuel Prices

Modi and Fuel Prices

He demanded immediate rollback of the increased prices on the fuels.

In the worldwide markets, prices of fuel have declined substantially amid the slump in global crude oil demand.

Motorists who fill up with diesel are enjoying a price decrease of between R1.56 and R1.61 per litre, depending on the grade. This means, taking the current price of petrol at Guwahati which is Rs 77.46 per litre, a consumer in Guwahati is paying a whopping Rs 59.24 in taxes per litre which includes central government taxes, dealer commission, VAT and excise which is levied by the state. "Petrol will now cost Rs 73.91 per litre in UP, while diesel will be available at Rs 63.86 a litre". However, this time this increase has been increased. Therefore, the Central and State governments should immediately withdraw the rise in excise duty and road infrastructure cess. Petrol and diesel pumps located in the border areas of neighbouring districts are on the verge of shutdown due to increased Value-Added Tax. The reason for the massive hike as per the government's plan to boost the state revenue.

New Delhi: The central government, which is facing a huge revenue deficit due to Corona crisis and lockdown, has increased excise duty on petrol and diesel.

Lowest number of new COVID-19 cases reported in Ontario since March
The Province of Ontario confirms there are 63 more COVID-19 related deaths, as new cases rise to 477, as of Friday morning. Over the course of the pandemic, about 12.5 cases of the coronavirus reported in Ontario have been hospitalized.

On May 6, the central government hiked excise duty on petrol by Rs 10 per litre and on diesel by Rs 13 a litre to mop up gains arising from global oil prices falling to a two-decade low.

The sector contributes to the exchequer in many ways - including excise duty, sales tax/VAT, cess on crude oil, royalty on crude oil/natural gas, customs duty, NCCD on crude oil, GST, octroi, entry tax and other duties. The responsibility for this was entrusted to the oil companies. Crude oil prices were already slumping globally over the last couple of months. Besides, oil and gas companies pay income-tax, dividends, dividend tax and profit petroleum on oil/gas exploration to the government.

So the total tax component (Centre and state in Delhi) is Rs 49.42 on petrol and Rs 48.09 on diesel. OMCs were earning abnormally high marketing margins amounting to Rs 17-18 per liter. Indian Oil Corporation (IOC) was down almost 6 per cent at Rs 74.20.

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