New Delhi: Regular petrol Now Centurion has joined the league with all the four metros with Delhi and Kolkata costing Rs 100 per liter as higher taxes continue the impact of rising oil prices in the international market.
petrol price In the national capital and Kolkata crossed the Rs 100 mark for the 36th time since May 4 after retailers raised prices, on May 29, the country’s financial capital Mumbai suspected of becoming the first metro to see petrol sales for Rs 100 earned pride. a liter.
Chennai was second on July 2 to see a century of fuel. On February 17, petrol was sold for the first time in the country for Rs 100 in Sri Ganganagar district of Rajasthan.
After the latest price revision, the price of petrol is now above Rs 100 in Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Kerala, Bihar, Punjab, Ladakh, Sikkim and Pondicherry.
TOI on February 25 (https://timesofindia.indiatimes.com/business/india-business/petrol-could-hit-rs-100-in-states-with-high-vat-as-3-wall-street- bank-see-oil-at-70/articleshow/81176670.cms) was the first to report that Rs 100 could be the new normal for petrol.
Diesel price has also crossed Rs 90 per liter in most parts of the country and Rs 100 in some parts of Rajasthan, Odisha and Madhya Pradesh.
The record prices are being attributed to an uptick in oil prices since January as a factor in the pricing of crude fuel. The rally has raised India’s purchase cost of crude oil from $55 a barrel in January to $77 in the current week.
As a result, the ‘base price’, or the price refiners charge to dealers in Delhi – the reference market with moderate fuel tax – increased from Rs 28.50 per liter in the second fortnight of January to Rs 39.29 currently. During this, the base price of diesel has increased from Rs 29.53 per liter to Rs 41.74.
However, the consumer price of petrol has increased from Rs 84.70 per liter to Rs 100.21 and diesel to Rs 89.18 from Rs 74.88 per liter on January 16.
This is because the taxes levied by the Center and the states determine the final retail price, even though the base rates of petrol and diesel are determined according to their international quotes and rupee-dollar exchange rates. Consumers in higher tax states pay more at the same base price.
The Center raised excise duty on petrol by Rs 13 and on diesel by Rs 16 when oil prices fell between March-end and May due to the pandemic. It increased the excise duty on petrol from Rs 19.98 per liter to Rs 32.98 and from Rs 15.83 to Rs 31.83. States including Delhi also increased VAT.
It is clear, then, that these taxes are equally responsible for the uptick in crude oil to record pump prices. These two taxes are now 55% of the retail price of petrol in Delhi and 50% of the consumer price of diesel.
petrol price In the national capital and Kolkata crossed the Rs 100 mark for the 36th time since May 4 after retailers raised prices, on May 29, the country’s financial capital Mumbai suspected of becoming the first metro to see petrol sales for Rs 100 earned pride. a liter.
Chennai was second on July 2 to see a century of fuel. On February 17, petrol was sold for the first time in the country for Rs 100 in Sri Ganganagar district of Rajasthan.
After the latest price revision, the price of petrol is now above Rs 100 in Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Kerala, Bihar, Punjab, Ladakh, Sikkim and Pondicherry.
TOI on February 25 (https://timesofindia.indiatimes.com/business/india-business/petrol-could-hit-rs-100-in-states-with-high-vat-as-3-wall-street- bank-see-oil-at-70/articleshow/81176670.cms) was the first to report that Rs 100 could be the new normal for petrol.
Diesel price has also crossed Rs 90 per liter in most parts of the country and Rs 100 in some parts of Rajasthan, Odisha and Madhya Pradesh.
The record prices are being attributed to an uptick in oil prices since January as a factor in the pricing of crude fuel. The rally has raised India’s purchase cost of crude oil from $55 a barrel in January to $77 in the current week.
As a result, the ‘base price’, or the price refiners charge to dealers in Delhi – the reference market with moderate fuel tax – increased from Rs 28.50 per liter in the second fortnight of January to Rs 39.29 currently. During this, the base price of diesel has increased from Rs 29.53 per liter to Rs 41.74.
However, the consumer price of petrol has increased from Rs 84.70 per liter to Rs 100.21 and diesel to Rs 89.18 from Rs 74.88 per liter on January 16.
This is because the taxes levied by the Center and the states determine the final retail price, even though the base rates of petrol and diesel are determined according to their international quotes and rupee-dollar exchange rates. Consumers in higher tax states pay more at the same base price.
The Center raised excise duty on petrol by Rs 13 and on diesel by Rs 16 when oil prices fell between March-end and May due to the pandemic. It increased the excise duty on petrol from Rs 19.98 per liter to Rs 32.98 and from Rs 15.83 to Rs 31.83. States including Delhi also increased VAT.
It is clear, then, that these taxes are equally responsible for the uptick in crude oil to record pump prices. These two taxes are now 55% of the retail price of petrol in Delhi and 50% of the consumer price of diesel.
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