State

Petrol hiked by Rs 2.45, diesel by Rs 2.36

Petrol hiked by Rs 2.45, diesel by Rs 2.36
DIMAPUR, JUL 6 (NPN) | Publish Date: 7/6/2019 11:59:30 AM IST

Petrol price was Saturday hiked by a minimum Rs 2.40 per litre and diesel by Rs 2.36 after Finance Minister Nirmala Sitharaman raised taxes on fuel to part-fund her Budget for 2019-20. 

Petrol price in Delhi was increased by Rs 2.45 per litre to Rs 72.96 while diesel was hiked by Rs 2.36 per litre in Delhi to Rs 66.69, the increase in Mumbai, according to a price notification issued by state-owned Indian Oil Corp (IOC). 

In Dimapur, petrol and diesel costs Rs. 70.84 and Rs. 64.38 per litre respectively while in Kohima petrol was Rs. 71.70 a litre and diesel Rs. 65.05 per litre.

Rates vary from state to state depending upon the incidence of local sales tax or VAT. Also prices vary by a few paise at pumps operated by other state-owned fuel retailers, BPCL and HPCL. 

Sitharaman had on Friday raised excise duty and road and infrastructure cess on petrol and diesel by Rs 2 per litre each to raise Rs 24,000-28,000 crore on an annual basis. Post considering local sales tax or value-added tax (VAT), which is charged after adding central excise duty on base price, the increase in pump rates was higher. 

Before the tax increase, petrol attracted total excise duty of Rs 17.98 per litre (Rs 2.98 basic excise duty, Rs 7 special additional excise duty and Rs 8 road and infrastructure cess). Now, this tax has gone up to Rs 19.98 a litre. On diesel, a total of Rs 13.83 per litre excise duty was charged (Rs 4.83 basic excise duty, Rs 1 special additional excise duty and Rs 8 road and infrastructure cess). Now, Rs 15.83 per litre is charged as excise duty. 

 

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