Soaring fuel prices: Maharashtra milkman sells bike, now does rounds on horse

Soaring fuel prices: Maharashtra milkman sells bike, now does rounds on horse

With an increase of 38 paisa per litre for petrol, it is now at Rs. 82 per litre in the capital city. In Delhi, petrol costs Rs 77.17 a litre and diesel costs Rs 68.34 a litre. For the first time, the price of petrol crossed Rs 80 level in Kolkata and Chennai, where it was retailing at Rs 80.12 and Rs 80.42, respectively. With fuel prices going up for the eleventh continuous day, demands to cut excise duty or state Value-Added Tax have grown louder.

With petrol and diesel prices being hiked for the 10th day in a row, the government on Wednesday said it is working on a long-term solution to address the volatility and frequent revisions in rates.

"Bonanza to central government is Rs 25 on every litre of petrol". When the global oil prices were down, the government had hiked the excise duty on fuel nine times, between November 2014 and January 2016, but reduced it only once, in October past year.

The central government levies Rs19.48 a litre in excise duty on petrol and Rs15.33 per litre on diesel.

While HPCL, another state-owned OMC, recorded a drop of 4 per cent in its March quarter profit, the overall FY18 net profit was highest ever for the company at Rs 6,357 crore.

Rahul Gandhi took Twitor to urge Prime Minister Modi to take up the "fuel challenge" to decrease the skyrocketing fuel prices. "We have been given complete independence in this regard", Singh said.

The government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October a year ago by Rs 2 a litre.

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The Narendra Modi-led government cut the excise duty on fuels by Rs 2 a litre last October.

The government is also believed to be looking to the ONGC (Oil and Natural Gas Corporation) to share the burden of price reduction in petrol and diesel by subsidising it.

The development comes a day after the government held meetings with oil PSUs but no concrete decision has been finalised to counter the rising fuel prices.

State sales tax or VAT varies from state to state.

In the case of petrol, dealer commissions have gone up by 102%, state govt taxes have gone up by 28% while central government taxes have gone up by 102%.

Under the Manmohan Singh government, the prices of petrol and diesel were regulated and subsides were given to ensure that prices were tolerable and fuels remained cheaper. For this reason, these days when we pay Rs 80 for a litre of petrol out of it Rs 35-40 is going to the governments i.e. state and union.

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