Presently, petrol and diesel prices hike is mainly in the Delhi, Mumbai and Chennai cities. Petrol breached the Rs 80 mark in other cities including Hyderabad (Rs 82.07), Jalandhar (Rs 82.71), Srinagar (81.86), Trivandram (81.62), Chennai (80.42), Gangtok (80.5), Bhopal (83.08), Patna (82.94), Kolkata (80.12) and Jaipur (80.24).
As on date, taxes account for half of the price consumers pays for petrol and diesel.
The prices of Brent crude was seen at $79.19 a barrel at one point on Wednesday, while the Indian basket crude oil prices was seen at $78.10 a barrel.
It is known fact that the crude oil prices determine the fuel rates in our country.
Rising pump prices are already adding to inflationary pressure and are strengthening the case for a rate hike.
Currently, the fuel prices are varying from state to state as the prices of fuel and diesel also depend on the local sales tax or VAT (value added tax).
With fuel prices seeing 13 revisions since last November, the price of fuel has today reached the amount that existed before the government announced the reduction. But the risk of them (oil producing companies) being asked to once again bear a part of the subsidy is looming with the recent rise in global oil rates, Moody's said in a report. If it (petrol and diesel) can be brought under GST, rates will come down. Well the taxes, dealer commissions have more than doubled.
The price of petrol was hiked by 36 paise and diesel was hiked by 24 paise today according to Indian Oil Corporation Ltd. data. At present, petroleum products are included under the goods and services tax (GST), in line with amendments to the Constitution.
He said diesel prices in diesel prices are falling in several States, but not in Telangana due to wrong policies of TRS Government.
He said that the Telangana Government has increased the burden to tune of ₹ 3,025 crore on common by increasing taxes on petrol and diesel.
Oil and gas sector analysts have over the past week said fuel prices will go up by an additional Rs 4 per litre as the Oil Marketing Companies (OMCs) try to recover their marketing margins, which came under pressure when OMCs collectively initiated a price freeze for 19 straight days before the Karnataka elections.
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