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Fuel price hits an all time high, petrol crosses 77 mark in Delhi

Providing no relief to the common man, petrol and diesel price countinued to rise for consecutive 10th day. The price of petrol in New Delhi crossed the Rs 77 mark on Wednesday. According to the Indian Oil Corporation website, petrol was retailing at Rs 77.15 in New Delhi and diesel increased 26 paise to Rs 68.34.

In Mumbai it was retailing at Rs 84.99 for a litre while diesel was at Rs 72.76.

According to IOCL’s website, petrol was retailing at Rs 77.17 in the national capital; Rs 79.83 in Kolkata; Rs 84.99 in Mumbai; Rs 80.11 in Chennai and Rs 78.43 in Bengaluru. On the other hand, diesel price was hiked to Rs 68.34 in New Delhi; Rs 70.89 in Kolkata; Rs 72.76 in Mumbai; Rs 72.14 in Chennai and Rs 69.51 in Bengaluru.

 On Tuesday BJP President Amit Shah informed that a plan is being worked upon to check petrol prices in the country. Addressing the furore over fuel price hike, Shah said that the government officials were taking the issue of fuel price hike seriously. “The government is taking the matter of oil prices seriously. Petroleum minister will have a meeting with the officials of the oil companies. We are trying to work out a formula to reduce the prices in the next three to four days.”

The BJP president asserted that the Modi regime would seek people’s mandate in 2019 after covering all villages under seven flagship schemes.

All India Petroleum Dealers Association president Ajay Bansal said the government can only control the rising fuel price by reducing VAT of states and central taxes. “Fuel prices are directly linked to crude oil. The Organization of the Petroleum Exporting Countries have reduced supplies. We don’t have any say to bring down the price. We can only reduce VAT of state taxes and central taxes, that is the only way to reduce the price,” said Bansal.

When compared to 2013, the central tax on diesel has increased from 3.56 percent to 15.33, while it has more than doubled on petrol from 9.48 percent. The Centre earned 2.7 lakh crore from taxes and duties on petroleum products in 2016-17, which was 1.3 lakh crore in 2014-15.

 The crude oil rate (per barrel) was Rs 5,747 in 2013, which is Rs 4,245 in 2018. Moreover, the Dollar exchange has risen from 54.29 in 2013 to 65.13 in 2018.

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