Tamil Nadu: Petrol and Diesel hikes Taxes, Amidst Corona LockdownSivaranjani Soundararaj (Author) Published Date : May 06, 2020 15:54 IST
Petrol, Diesel hikes taxes, amidst Corona lockdown: The price of petrol and diesel has continued to remain the same for some days without rate fluctuations. The price of petrol and diesel remained unchanged for 49 days due to the coronavirus being in the curve around the world. But on the 50th day, the day before yesterday, there was a huge inflation in prices.
Petrol increased by Rs 3.26 per liter and diesel by Rs 2.51 per liter. This caused a huge shock among motorists. Today petrol is sold at Rs.75.54 per liter and diesel at Rs.68.22 per liter. The price went into effect from 6am this morning as of Chennai.
Due to the decrease in crude oil prices of about 60%, the hike in the excise duties of petrol and diesel by the government does not show much increase in the selling rate without forcing a huge impact on the customers.
However, the excise duties of petrol and diesel rises almost 70% with an increased record of ₹10/litre of petrol and ₹13/litre of diesel. With this excise duty hike on petrol and diesel, sources reveal that the government will acquire almost ₹1.6 lakh Crore additional revenue.
A few years ago, petrol and diesel pricing was in force twice a month. At the same time, the price of petrol and diesel was adjusted to international crude oil prices. It has been in practice for about 15 years. This was followed by the daily pricing of petrol and diesel. The responsibility for this was entrusted to the oil companies. Petrol and diesel have seen drastic changes in this manner. This often results in inconvenience to the public.
New Excise duty for petrol covers about 32.98 rupees, which is almost half the price and for diesel it is about 31.83 rupees, i.e., In Delhi, the price of petrol cost ₹71.26 and diesel prices ₹69.39 as of today. Meanwhile, the fluctuation changes either in excise duty or selling price is a heart-throbbing hike for both the custom payers and consumers.
Tamil Nadu: Petrol and Diesel hikes Taxes, Amidst Corona Lockdown