Chennai: The price of gas stations will penetrate the RS 100 Mark for the first time in Chennai with a liter of gasoline for Rs 100.13 on Friday.
Diesel prices will cost Rs 93.72 per liter in the city.
Record of increasing fuel prices is caused by an increase in crude oil prices, but a sharper increase and customers are subject to higher pump fees as well as taxes that accounts for 58% of gasoline costs and 52% of diesel prices.
The Indian crude oil basket was around $ 72 per barrel, up from $ 63.4 in April.
“Opportunities for price discounts are very unlikely because there are no steps at the federal level to cut duties and countries also do not want to blink and cut value added tax or VAT on automatic fuel,” oil marketing officials) said the company said.
Simple tax solving (when rs 98.8 pump prices): Dealer Price: RS 39.33, Excise Rs 32.9, Dealer Comm Hospital 3.82, PPN RS 24.08.
Automatic fuel is not part of the GST and therefore attracts customs and VAT from the state government.
Taxes have been raised several times to make the most expensive fuel in India.
Between FY15 and FY20, the government increases customs with a record 12 times and decreases it once twice.