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Fuel price hike: Petrol nears Rs 81 a litre in Delhi
From the Webdesk, 11/09/2018, New Delhi

The oil pinch continued on Tuesday that saw both petrol and diesel prices being hiked by 14 paise a litre. In Delhi, a litre of petrol will now cost you Rs 80.87 and diesel Rs 72.97, while in Mumbai petrol and diesel have touched new highs of Rs 88.26 and Rs 77.47 per litre, respectively.

Fuel prices have been on the boil since August. On August 15 the petrol price in the National Capital was Rs 77.14 while today it is Rs 80.87, a hike of Rs 3.73 a litre. Diesel price on the other have increased from Rs 68.72 on August 15 to Rs 72.97, an increase of Rs 4.25 a litre.

Yesterday, As many as 21 opposition parties, both regional and national, called for ‘Bharat Bandh’, to protest against the rising fuel prices.

Amid protests and national bandh by the opposition parties yesterday, the Telugu Desam Party government in Andhra Pradesh, an ally of BJP-led NDA government till March, announced slashing the petrol and diesel prices by Rs 2 a litre.

The taxes that you pay on petrol and diesel nearly double its retail price. As of today, the Indian Oil Corporation, one of the largest oil retailers, charges Rs 39.21 a litre to dealers excluding VAT and excise to dealers but what you end up paying is nearly Rs 81 a litre. 

An excise duty of Rs 19.48 is levied on normal petrol and Rs 15.33 on diesel, however VAT varies from state to state. Maharashtra government levies the highest VAT on petrol and diesel at 39.12% and 24.78% respectively in Mumbai, Thane and Navi Mumbai. However, for rest of the Maharashtra, it is 38.11% for petrol and 21.89 for diesel. VAT on petrol is 35.12% in Punjab, 35.77% in Andhra Pradesh and 35.78% in Madhya Pradesh.

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