Petrol price was hiked by record 39 paise per litre and diesel by 37 paise a litre, according to a price notification of state-owned fuel retailers
Any long-term recalibration of the price Indian fuel consumers pay is unlikely given the dependence of state revenues on this form of taxation
In an extensive interview with Money9, Bhasin spoke about the factors behind the spiralling fuel prices
One of the reasons why various governments had increased taxes was because lockdown had resulted in limited tax revenues and thus, a higher tax on pet
In the national capital, petrol climbed to Rs 88.73 a litre and diesel soared to Rs 79.06
Petrol price was increased by 30 paise per litre and diesel by 36 paise a litre, according to a price notification of state-owned fuel retailers
In four days, prices have gone up by Rs 1.21 per litre for petrol, while diesel has risen by Rs 1.25 a litre
The retail price, he said, is made up of three components -- base price that reflects the cost of international oil, central excise duty and state tax
Central and state taxes make up for over 61% of the retail selling price of petrol and about 56% of diesel
Petrol and diesel prices were hiked by 35 paise per litre each, according to price notifications of state-owned fuel retailers