Indian Oil
The government is charging a higher rate of general sales tax at 31 per cent on high speed diesel which is widely used in agriculture and transport sectors.
The uptrend in petrol prices continued on Sunday, as the product rose in the range of 15 paisa to 17 paisa per litre across the country.
The new prices of petrol have been set at Rs86 per litre and high speed diesel (HSD) at Rs96.45.
Petrol price today hit a four-year high of ₹73.73 a litre while diesel rates touched an all-time high of ₹ 64.58 in the national capital, renewing calls for the government to cut excise tax rates.
While a litre of petrol will cost 73.73 rupees (1.13 USA dollars) to consumers, one litre of diesel would cost 64.58 rupees (around 1 US dollar) in New Delhi.
After eight months' consecutive increase, the government on Saturday slightly reduced petrol and high-speed diesel (HSD) prices by Rs2.07 and Rs2 per litre, respectively, owing to a drop in worldwide crude oil prices.
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The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.
However, the prices of kerosene and light diesel oil (LDO) have been maintained at level of Rs76.46 per litre and Rs65.30 per litre, respectively.
The new prices will be effective from Sunday (April 1). The situation of petrol prices also is similar.
The oil prices have continuously been increasing for the last one year.
Oil prices are likely to increase in the next month due to rupee depreciation against USA dollar. "Rupee depreciation will affect the prices of oil next month", said an official of the ministry of finance.
But contrary to this, based on existing tax rates and import prices reported by Pakistan State Oil (PSO), the Oil and Gas Regulatory Authority (Ogra) has worked out a reduction of Rs5.26 per litre in petrol price to Rs82.81 per litre for April. He further said impact would be lesser if oil prices remain lower in the global market during April.
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