Crude oil was trading at $ 112 when petrol prices touched an all-time high of Rs 76.06 in September 2013. Today, despite the fact that crude oil is cheaper by 28 percent at $80, petrol prices still continue to rise touching the new all-time high level. The comparison clearly suggests that crude oil has not much role to play in high petrol and diesel prices. In fact, it is exorbitant taxes levied by central and state government that is responsible for costly fuel prices in the country.
Data shows that central tax on diesel has increased more than 300 percent while in case of petrol it has jumped by more than 100 percent. To give you an example, dealer price (pre-tax) was Rs 52 per litre in September 2013 when crude oil was hovering around $ 110. But today when crude oil is much cheaper at $80, it costs Rs 37 per litre to the dealer. Read More
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