No Result
View All Result
  • Login
Wednesday, July 6, 2022
Afternoon Voice
SUBSCRIBE
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
Afternoon Voice
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Epaper
  • More

Home > Nation > Petrol, diesel price hiked for 1st time in more than a month

Petrol, diesel price hiked for 1st time in more than a month

afternoonvoice@gmail.com' by Afternoon Voice
July 5, 2018
in Featured, Nation
A A
0

Petrol and diesel prices were today hiked for the first time in more than a month on the back of rising international rates and weakening rupee.

The increase of 16 paisa a litre in petrol and 12 paisa per litre in diesel came after an 8-day self-imposed hiatus in rate revisions by state-oil firms in anticipation of softening international rates due to OPEC decision to raise output by 1 million barrels per day.

The price of petrol in Delhi climbed to Rs 75.71 per litre from Rs 75.55 and diesel to Rs 67.50 a litre from Rs 67.38, according to price notification of Indian Oil Corp (IOC).

The three state-owned fuel retailers, IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had not revised petrol and diesel prices since June 26.

“We had not changed prices for a few days in anticipation OPEC decision to raise production leading to softening of international rates. But the 1 million barrels of additional production, which was to kick-in from July, has been overdone by the Iran issue,” IOC Chairman Sanjiv Singh told PTI here.

While the OPEC last month decided to raise production, the US is piling pressure on India, China, and other buyers to end all imports of Iranian oil by a November 4 deadline in a bid to choke the Persian Gulf state’s economic lifeline with sanctions over its nuclear programme.

Singh said Iran produces around 2.3 to 2.5 million barrels per day and the world searching for alternates to replace those volumes has put pressure on the prices.

The decision to hold on to rates was taken without any elections looming around, he said, adding international prices have risen post-OPEC decision and oil companies have to “adjust retail rates accordingly”.

State-owned oil firms, who had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions, had last changed prices on June 26 when petrol price was cut by 14 paise and diesel by 10 paise.

In the preceding month, or so rates had been cut in line with dropping international rates. Prices had hit an all-time high of Rs 78.43 a litre for petrol and Rs 69.31 per litre for diesel on May 30.

That peak had triggered demands for a reduction in excise duty but the government had ruled out any immediate cut.

The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) – the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel.

Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

This led to its excise collections from petro goods more than doubling in last four years – from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

Tags: dieselpetrol
afternoonvoice@gmail.com'

Afternoon Voice

Recommended For You

Uddhav Thackarey, Shiv Sena, Maharashtra CM,CM,
City News

Uddhav Thackeray says, “Eknath Shinde backstabbed for bringing down MVA government”

July 6, 2022
Kullu, Cloud Burst, Broken Highway
Nation

After a cloud burst slammed Kullu in Himachal, some locals feared being washed away

July 6, 2022
Spice Jet, Airplane, Aeroplan
Nation

SpiceJet Q400 conduct priority landing in Mumbai, after windshield crack in mid-air

July 5, 2022
Vivo, ED, Raid, Ahmedabad
Ahmedabad

ED raids vivo and other Chinese mobile manufacturing companies in money laundering case

July 5, 2022
Army Medical camp, Dal Lake, Medical camp, Jammu and Kashmir
Nation

Dal Lake: free medical camp organised by India army

July 3, 2022
Nupur Sharma, BJP Spokesperson
Nation

SC declines Nupur Sharma’s request to transfer all FIRs to Delhi

July 3, 2022
ADVERTISEMENT

LATEST

Lt. General Mohan Subramanian

UN chief appoints Lt. General Mohan Subramanian as Force Commander for UN mission

July 6, 2022
Waterlogging, Mumbai, Traffic, rain

Mumbai’s several parts have reported waterlogging due to heavy rains

July 6, 2022
Uddhav Thackarey, Shiv Sena, Maharashtra CM,CM,

Uddhav Thackeray says, “Eknath Shinde backstabbed for bringing down MVA government”

July 6, 2022
Kullu, Cloud Burst, Broken Highway

After a cloud burst slammed Kullu in Himachal, some locals feared being washed away

July 6, 2022
waterlogging, mumbai, metro, mumbai water, mumbai rains, rains, bmc

Mumbai stalled for pedestrian and vehicular traffic due to waterlogging

July 5, 2022
ADVERTISEMENT
Afternoon Voice

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Important Links

  • Disclaimer
  • Privacy Policy
  • About Us
  • Contact Us
  • Support Parallel Media

Follow Us

No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?