The price of petrol has been contionousely on a hike since last couple of months. It continued to be the same on September 29. In Mumbai it rose by 18 paise to Rupees 90.75 per litre, whereas that of diesel rose by 22 Paise to Rupees 79.23 per litre.
In Delhi, costs of petrol & diesel were hiked by 18 paise and 21 paise, respectively. Petrol prices rise to Rupees 83.40 per litre, whereas diesel is priced at Rupees 74.63 per litre, in line with the Indian Oil Corporation. (IOC) Chennai witnessed a hike in petroleum price of 19 paise and diesel value hiked by 22 paise. The price of petrol currently is Rupees 86.70 per litre and diesel Rupees 78.91 per litre, respectively in the city.
Kolkata too recorded similar hikes in costs of Petrol and diesel. The Price of Petrol was hiked by 18 Paise to Rupees 85.21 per litre, whereas that of diesel was raised by 21 paise to Rupees 76.48 per litre.
In Patna, costs of petrol and diesel were up by 18 paise and 21 paise, respectively. The price of petrol is Rupees 89.55 per litre in the city, whereas diesel prices Rupees 80.30 per litre. The fuel costs within the town were unchanged on September twenty eight.
Amid growing pressure to bring down fuel costs, the BJP-led Maharastra government said that the state would lose Rupees 2,200 Crore of revenue annually if it slashes costs of petrol and diesel by Rupees 1 per litre.
The price of petrol has crossed the Rupees 90-mark in additional than twenty of Maharashtra's thirty-six districts. Petroleum Minister Dharmendra Pradhan on September twenty six accused global factors for the rise in costs of oil product. He said reducing taxes on these things wouldn't have any lasting impact as fossil fuel costs are still quite volatile.
"The basic problem is that crude costs are volatile. The effect of any measures, as well as a discount within the price superimposed tax (VAT) by the states and also the excise duty by the Centre won't last long due to the volatility in crude costs," Pradhan concluded.
However, the minister additionally said that higher fuel costs are a matter of concern, the government is finding ways that to provide some relief to the general public. The Centre presently levies associate excise duty of Rupees19.48 per litre on petrol and Rupees 15.33 per litre on diesel.
In addition, numerous states levy VAT at completely different rates. Mumbai has the highest VAT — 39.12 percent — on petrol, whereas Telangana levies the highest VAT —26 percent— on diesel.