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States, which have the highest share of tax revenues at present, will be the biggest losers if the system shifts to GST, it said, quickly adding that such a move will help consumers pay up to Rs 30 less.
Oil marketing companies on Friday continued with their wait and watch strategy and kept retail prices of petrol and diesel unchanged for the third consecutive day.
Though Indian Oil Corporation (IOC) on Tuesday evening announced a price hike of 28 paise a litre for petrol and 25 paise for diesel, it reversed the decision on Wednesday.
As much as 60 per cent of the retail price of petrol, which shot above Rs 100-mark in some places in Rajasthan and Madhya Pradesh and is at an all-time high elsewhere in the country, is made up of central and state taxes.
In February alone, petrol price was hiked by Rs 3.87 and diesel by Rs 4.30 per litre, a record since the pricing was deregulated in 2010.
Without referring to the relentless increase in retail fuel prices, the PM said India imported over 85 per cent of its oil needs in the 2019-20 financial year and 53 per cent of its gas requirement.
The highest diesel price was reported from Malkangiri in Odisha – Rs 91.62 per litre.
With the oil marketing companies increasing the price frequently, petrol and diesel prices have been scaling new heights almost daily.
The increase took petrol prices to a fresh high of Rs 87.30 a litre in Delhi and to Rs 93.83 in Mumbai. Diesel rates rose to Rs 77.48 per litre in the national capital and to an all-time high of Rs 84.36 in Mumbai.
The highest fuel price in Kerala is recorded here as the transportation costs to the southernmost part of the state are obviously higher than in other parts.