GET Stock QuotesNews18 APP
News18 English
»
2-min read

Petrol Price Hits Rs 74.40, the Highest Under BJP Govt; Diesel at Record Peak

Petrol in the national capital now costs Rs 74.40 a litre, the highest since September 14, 2013, when rates had hit Rs 76.06. Diesel price at Rs 65.65 are the highest ever.

PTI

Updated:April 22, 2018, 11:10 AM IST
facebookTwittergoogleskypewhatsapp
Petrol Price Hits Rs 74.40, the Highest Under BJP Govt; Diesel at Record Peak
Image for Representation.
Loading...
New Delhi: Petrol price on Sunday hit Rs 74.40 a litre — the highest level under the BJP-led government, while diesel rates touched a record high of Rs 65.65, renewing calls for cut in excise duty to ease burden on consumers.

State-owned oil firms, which have been since June last year revising auto fuel prices daily, on Sunday raised petrol and diesel rates by 19 paise per litre each in Delhi, according to a price notification.

The hike, necessitated due to firming international oil prices, comes on back of a 13 paise increase in rates of petrol effected on Saturday and a 15 paise hike in diesel, it said.

Petrol in the national capital now costs Rs 74.40 a litre, the highest since September 14, 2013, when rates had hit Rs 76.06. Diesel price at Rs 65.65 are the highest ever.

Oil ministry had earlier this year sought a reduction in excise duty on petrol and diesel to cushion the impact rising international oil rates but Finance Minister Arun Jaitley, in his Budget presented on February 1, ignored those calls.

India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.

Jaitley 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 last year by Rs 2 a litre.

Subsequent to that excise duty reduction, the Centre had asked states to also lower VAT, but just four of them — Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh — reduced rates while others including BJP-ruled ones ignored the call.

The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.88 per litre in Delhi and diesel Rs. 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56.89 per litre and petrol to Rs 68.38 per litre.
However, a global rally in crude prices pushed domestic fuel prices far higher than those levels.

The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.

In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

State-owned oil companies — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — in June last year dumped the 15-year old practice of revising rates on the 1st and 16th of every month. Instead, they adopted a daily price revision system to instantly reflect changes in cost. Since then prices are revised on a daily basis.
| Edited by: Nitya Thirumalai
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Dewan Housing 306.00 2.19
Yes Bank 224.15 2.03
Indiabulls Hsg 994.60 6.99
Vedanta 243.90 5.86
HDFC 1,769.80 -0.20
Company Price Change %Gain
Apollo Hospital 1,046.20 -0.04
Dewan Housing 308.55 2.61
Eicher Motors 25,209.90 -1.58
Yes Bank 224.20 1.98
Tata Motors 232.80 -3.36
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 994.60 6.99
Vedanta 243.95 5.88
UPL 690.75 4.51
GAIL 379.75 2.66
Hindalco 248.60 2.28
Company Price Change %Gain
Vedanta 243.70 5.64
Yes Bank 224.20 1.98
Tata Steel 610.00 1.68
HDFC Bank 1,964.45 0.65
Larsen 1,325.40 0.50
Top Losers
Company Price Change %Gain
Bharti Infratel 260.40 -3.32
Tata Motors 232.75 -3.34
ITC 291.55 -3.19
HCL Tech 1,089.20 -2.43
SBI 265.00 -2.18
Company Price Change %Gain
Tata Motors 232.85 -3.34
ITC 291.75 -3.09
SBI 265.45 -1.78
HUL 1,607.00 -1.67
NTPC 167.00 -1.65

Live TV

Loading...
Loading...