New Delhi: The price of fuel will pinch harder, with international oil prices reaching $ 83 per barrel on Monday amid crunch supply and increasing demand for global economic recovery.
The cascading effect sees fuel retailers increasing the price of gasoline and diesel pumps for the seventh day in a row on Monday, pushing them to a new record.
In Delhi, which triggered a moderate tax compared to the majority of the countries, between gasoline prices rose 30 Paise to Rs 104.44 per liter and Diesel of 35 Paise to Rs 93.17.
Mumbai continues to be the most expensive metropolis if fuel.
Gasoline prices rose 29 Paise a liter to Rs 110.41 / liter and diesel prices increased by 37 Paise to Rs 101.03.
High diesel prices will cut inflation because they are mainly consumed by the transportation, agriculture and construction sectors, which have cascading effects.
Politically, the price of diesel prices can increase farmers’ anger, which is nervous about Cenntre’s agricultural law, ahead of the crystal assembly poll.
The price of fuel began to sprinkle broke down after a gap 67 days since July 17 when the retailer began to raise the pump price because crude oil rose to a three-year high of $ 80 per barrel last month.
While high crude oil prices are factors, the real reason why consumers pay through their nose is a sharp increase in last year in excise duties and VAT in countries, which strengthened the impact for consumers.
The center raised customs in the amount of Rs 13 on gasoline and RS 16 on Diesel between March and May last year when oil prices collapsed due to a pandemic.
Two increases to raise customs 65% in gasoline from Rs 19.98 to Rs 32.98 per liter and 79% on diesel from Rs 15.83 to RS 28.35.
VAT is collected as a percentage and rises every time a basic cost rises.
Sharp tax increases encourage central tax collection from gasoline and diesel in 2020-21 barbed 88% to more than RS 3 Lakh Crore – a record led by a leap 108% in the mop-up of diesel – even though sales are lower due to pandemic.