Petrol & Diesel Prices Hiked in India: Diesel At Record High, Petrol At 4-Year High: Well, reports are coming that the fuel prices will hike on India from the Monday. Also, the sources are confirming that this hike will be the four-year high on petrol. Also, the diesel will climb to an all-time record high in Delhi. Even, this is really going to hurt a lot of people because fuel prices will affect other prices eventually and things will go high.
As you all may know that Global crude oil prices hold the key to the prices you’re charged whenever you go to refuel at a fuel pump. Also, Crude oil prices had plummeted in the period mid-2014 to mid-2016 but July 1 last year; global crude oil prices shot up by 47 percent, which resulted in your fuel bills soaring and that’ll know show the effect.
Sources reports are saying that some other factors such as a major share of petrol and diesel prices are made up of taxes- excise duty collected by the Centre and Value Added Tax (VAT) collected by the states and that’s all the reason of this sudden hike. As a matter of fact, 48.2 percent of what you pay for petrol is central and state taxes while for diesel, excise and VAT add up to 38.9 percent.
Also, the Finance Minister Arun Jaitley had already raised the excise duty nine since November 2014. After the effect of hike, the price will go up to Rs 11.77 per liter on Petrol and 13.47 a litter on Diesel. This all rise will surely be going to affect the normal people because it will hike the price of vegetable and other transport related things. You can say that things are going to be hard for the normal people.