Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
CO-PRESENTED BY
LIVE TV DownloadNews18 App
News18 English
272
nda:
Needmore seats to Win
Needmore seats to Win
upa:
»
2-min read

Petrol, Diesel Price Hiked by Steepest Level in a Year; Rates at Fresh Record High

Petrol price was hiked by 48 paisa per litre and diesel by 47 a litre, according to price notification issued by state fuel retailers.

PTI

Updated:September 7, 2018, 6:05 PM IST
facebookTwittergoogleskypewhatsapp
Petrol, Diesel Price Hiked by Steepest Level in a Year; Rates at Fresh Record High
Image for Representation. (Image: Reuters)
New Delhi: Petrol and diesel price were Friday hiked by about 50 paisa per litre each - the steepest increase in rates since daily price revision came into effect over 14 months back - to push rates to their highest ever.

Petrol price was hiked by 48 paisa per litre and diesel by 47 a litre, according to price notification issued by state fuel retailers. A litre of petrol in Delhi now costs Rs 79.99 - a record high. It costs Rs 87.39 in Mumbai. Diesel is now priced at Rs 72.07 a litre in Delhi and Rs 76.51 per litre in Mumbai.

Opposition parties have announced nationwide strikes and protests next week over record-high fuel prices which they blame on high taxes.

On Wednesday, Finance Minister Arun Jaitley was remained non-committal on cutting excise duty to cushion spiralling petrol and diesel prices, saying international oil prices are volatile and have not shown any linear movement.
Since mid-August, petrol price has risen by Rs 2.85 a litre and diesel by Rs 3.3 per litre as rupee hit record low against the US dollar, making imports costlier.

Opposition Congress has demanded that the Centre cut excise duty as was done by previous governments, which cut rates whenever international oil prices shot up. Almost half of the retail selling price of the two fuel is made up of central and state taxes. 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.

On Tuesday, former Finance Minister P Chidambaram had stated that the "Relentless rise in prices of petrol and diesel is not inevitable. Because the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly".

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 central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

This led to its excise collections from petro goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Naqshib Nisar
Read full article
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
 
Most Active
Company Price Change %Gain
SBI 342.20 0.32
Reliance 1,333.90 -0.48
IndusInd Bank 1,598.75 5.26
HDFC Bank 2,332.10 -3.06
ICICI Bank 410.85 1.36
Company Price Change %Gain
Reliance 1,335.80 -0.37
Larsen 1,475.70 1.04
SBI 342.30 0.43
Yes Bank 139.80 1.53
Adani Enterpris 161.30 2.12
Top Gainers
Company Price Change %Gain
Adani Ports 407.55 5.60
Zee Entertain 360.45 5.33
IndusInd Bank 1,598.75 5.26
Grasim 886.55 3.41
Cipla 564.75 2.12
Company Price Change %Gain
IndusInd Bank 1,596.85 5.23
Coal India 244.05 1.56
Yes Bank 139.80 1.53
Hero Motocorp 2,739.65 1.51
Power Grid Corp 184.45 1.29
Top Losers
Company Price Change %Gain
Vedanta 157.35 -5.38
Eicher Motors 20,321.15 -4.26
ITC 288.20 -3.85
Hindalco 191.75 -3.16
HDFC Bank 2,332.10 -3.06
Company Price Change %Gain
Vedanta 157.25 -5.53
ITC 288.50 -3.69
HDFC Bank 2,334.35 -2.94
Tata Motors 175.00 -2.48
Bajaj Finance 3,377.95 -2.02

Live TV

Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results