Petrol, diesel prices scale new highs on rupee woes

Fuel prices touched a new high on Sunday on the back of continuing rise in global oil prices

Fuel prices touched a new high on Sunday on the back of continuing rise in global oil prices

The Centre levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel.

Petrol and diesel prices saw a hike for the sixth straight day on Tuesday as oil marketing firms again revised fuel prices across the country. "The petitioner has reasons to submit that enhanced fuel prices (petrol and diesel) are being demanded/charged as per political wish, need and necessities", the petition alleged. "It would remove a lot of discrepancies that happen when different states have different rates", said an oil industry official.

Meanwhile, Rajasthan government announced a 4 per cent cut in the state VAT on petrol and diesel on Sunday to reduce their prices by Rs 2.5 per litre in the state, while Andhra Pradesh government on Monday announced a reduction of tax on petrol and diesel by Rs 2 a litre, to reduce the burden on common caused by zooming fuel prices. He explained that once tax revenue from direct taxes (income tax) and non-oil indirect taxes go up, there will be a possibility of cutting taxes on oil.

SpaceX's Falcon 9 rocket to launch powerful telecom satellite
The droneship, which was named in honor of sci-fi author Iain Banks, is a remote landing platform for the rocket. Just like the Telstar 19V, the spacecraft hitched a ride into space atop a brand-new "Block 5" booster.

Over the next five to six years, the target should be to increase non-oil tax to GDP ratio by at least 1.5 per cent and this is the long-term solution, he said.

In countries which are tax compliant, oil is taxed at a rate which is less than that in India. "Time has come to change this government", said Singh.

Since states levy Value-Added Tax as ad valorem duty, a rise in prices has increased their profits.

Verizon 5G Home Service Launches Oct. 1: Here's All the Details
This isn't a true 5G mobile service for your phone, but a new way to fill your house or apartment with high-speed internet access. Current Verizon customers will have to pay $50 a month while it will cost non-customers $70 a month.

Other highest centres include Nanded where petrol was retailing at Rs 89.93 per litre and diesel Rs 77.90, and Amravati Rs 89.93 and Rs 78.84. In Chennai, petrol costs Rs 84.05 and diesel Rs 77.13. "The effect of this benefit has kept inflation under control despite rise in fuel prices".

In an election year, the spending cut is not an option, the official said reasoning that it would hamper the government's spending on development schemes.

Among the 29 Indian states and the union territory of Delhi, Kerala has the ninth highest sales tax and other state levies on petrol at 30.37 per cent; it is highest in Mumbai at 39.12 per cent (down from 48.98 per cent early this year).

Hurricane historian says Florence similar to Hazel, Fran, Floyd
Hurricane Florence appears ready to churn through the Carolinas, bringing along massive winds, rainfall and flooding. Trump faced severe criticism for his administration's response to Hurricane Maria previous year in Puerto Rico.

"The government can not disturb fiscal maths by cutting excise duty", he said.

Latest News