In Kolkata, the price of petrol has been increased to ₹83.27 per litre while the diesel price has gone up to ₹75.36 per litre. Diesel rate touched its highest level of Rs 72.51 a litre.
Since mid-August, petrol price has risen by over Rs 3.5 a litre and diesel by about Rs 4 per litre as rupee hit record low against the U.S. dollar, making imports costlier.
A cut in taxes on petrol and diesel is ruled out for now as neither the central government nor some states have the appetite to stomach revenue loss from such a move, a top government official said Monday. The tax ratio can be raised not by increasing rates but by bringing evaders and non-filers in tax net.
Rising fuel prices has been cause of grave concern in the country since the past couple of months.
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Leaders of various opposition parties led by Congress president Rahul Gandhi kickstarted Monday the country-wide protest against rising fuel prices from Rajghat as part of the ' Bharat Bandh' call given by the party.
"The moment rupee touched 60 to a USA dollar, Modi ji [Narendra Modi] used to say the rupee has gone into ICU".
This is the biggest increase in rates in any fortnight since the daily price revision was introduced in mid-June a year ago. Two, it insulates fuel prices from competitive politics. On Tuesday, former Finance Minister P Chidambaram had tweeted: "Relentless rise in prices of petrol and diesel is not inevitable". Same is the case with diesel price in Maharashtra, Tamil Nadu and Rajasthan, where the sales tax on diesel is higher than in Kerala. It is clear that the prime reason why petrol and diesel are expensive is because of the central and state taxes.
"Between 2014 and now, excise duty on petrol has risen by 211.7 per cent and 433 per cent on diesel". In Hyderabad, petrol costs Rs 85.60 and diesel Rs 79.22. Delhi charges a Value-Added Tax of 27 per cent on petrol and 17.24 per cent on diesel. On May 16, 2014, the petrol price was Rs 71.41 which took the percentage increase to 75.8. This led to its excise collections from petro goods more than doubling in the last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18.