The petrol price was increased on Sunday by a record 62 interruptions per litre and the diesel price by 64 interruptions as the oil companies adjusted the retail prices for the eighth consecutive day on the basis of production costs since the end of the 82-day tariff review interruption.
The price of gasoline in Delhi was raised from Rs 75.16 to Rs 75.78 per litre, while the price of diesel rose from Rs 73.39 to Rs 74.03 per litre, according to the State Oil Companies Price Report.
Tax rates have been increased throughout the country and vary from state to state depending on the level of local sales tax or VAT.
A petrol price increase of 62 interruptions per litre and a diesel price increase of 64 interruptions are the biggest price increases since the start of the daily price reviews in June 2017.
This is the eighth consecutive increase in daily rates, as the oil companies increased their daily rates on the seventh day. In this context, we are pleased to announce that, after an 82-day break, we resumed the review of our cost reduction measures on 1 June.
The price of gasoline rose by Rs.4.52 per litre and the price of diesel by Rs.4.64 during the eight price increases, a record increase in the eight days following the introduction of the daily price review.
The increase of the petrol price with 62 interruptions per litre and the increase of the diesel price with 64 interruptions is the biggest price increase since the start of the daily price review.
The tax freeze was introduced in mid-March, shortly after the government had increased excise duties on petrol and diesel to provide additional fiscal support.
Oil producers Indian Oil Corp. (IOC), Bharat Petroleum Corp. (BPCL) and Hindustan Petroleum Corp. (HPCL) did not pass on their excise duties to customers, but adjusted them to the lower retail prices, which was justified by the fall in world oil prices to a low point in two decades.
First, the government raised the share price on the 14th. March, the excise duty on petrol and diesel of 3 rupees per litre, then again on March 5. May around the record value of 10 rupees per litre for petrol and 13 rupees for diesel. These two jumps brought the government 2 lah crora rupees in extra tax revenue.
The public fuel traders IOC, BPCL and HPCL have been raising the prices of petrol and diesel since the 16th century. The authorities froze their assets on 1 March, as if they had anticipated the government’s move, offsetting the gains from the continued fall in international oil prices with increases in excise duties.
On the fourth. However, on 1 May the Government of Delhi immediately decided to increase the local sales tax or VAT, such as 1.67 rupees for petrol and 7.10 rupees for diesel.
The total excise duty on petrol has risen to Rs 32.98 per litre and that on diesel to Rs 31.83. Excise duty on petrol was Rs 9.48 per litre when the Narendra Modi government came to power in 2014, and on diesel – Rs 3.56 per litre.
Between November 2014 and January 2016, the government increased excise duties on petrol and diesel nine times to take advantage of the sharp drop in world oil prices.
In total, the petrol tax rose by Rs. 11.77 per litre and the diesel tax with Rs. 13.47 during those 15 months, causing the government to more than double the excise duty on mops from Rs. 99,000 in 2014-15 to Rs. 2,42,000 in 2016-17.
It reduced the excise duty by 2 rupees in October 2017 and by 1.50 rupees a year later. But in July 2019 he increased the excise duty by 2 rupees per litre.
The 14th. In March, the excise duty was again increased by Rs.3 per litre.hp petrol pump rate,white petrol price in india 2019,goodreturns diesel price,petrol price trend in india,petrol prices,flight petrol price in india today,petrol price increase today,petrol cost