The price of petrol and diesel reached at an all-time high. In Mumbai, the current price of petrol is Rs. 81.69 and the price of diesel is now at an all-time high of Rs.68.89. The petrol prices are at the highest since September 14, 2014 when rates had hit Rs. 76.06 while diesel on that day was priced at Rs. 58.86. The previous highest price of diesel recorded was Rs. 64.22 on February 7, 2018. In New Delhi, the price of petrol currently is Rs 73.83, Rs 76.54 in Kolkata, Rs 76.59 in Chennai and Rs 81.69 in Mumbai. And for diesel it is Rs 64.69 in New Delhi, Rs 67.38 in Kolkata, Rs 68.24 in Chennai and Rs 68.89 in Mumbai.
Since the June 2017, the oil companies are revising auto fuel prices daily in the form of 10 to 20 paise hikes. Based on a PTI report, India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the retail rates. The Oil Ministry had earlier this year submitted papers for a reduction in excise duty on petrol and diesel but the Finance Minister Arun Jaitley in his Budget presented on February 1 ignored the excise duty reduction. Between November 2014 and January 2016 to shore up finances, the Finance Minister Arun Jaitley has raised excise duty for nine times due to the fall of oil price in global. Later only once in October 2017, the tax has been reduced by Rs. 2 per litre and it cost the government Rs 26,000 crore loss in annual revenue.
We can’t even expect that there will be revision on the excise duty charged by the Central government and Value Added Tax by state governments, since any reduction leads to a huge loss of revenue for the central and state governments.