With the opening of the lockdown, the price of petrol-diesel in the country has been steadily rising and after about 83 days, June 7 saw a change in the price. In the last three days, petrol has gone up by Rs 1.80 per liter, while diesel has gone up by the same amount. In particular, the tax on petrol and diesel has tripled (275%) in the last three months.
Petrol-diesel taxes paid to the state and the center in February were around 107 per cent, which has now risen to close to 275 per cent. The basic price of petrol is around Rs 18. It is taxed up to Rs 50, while petrol pumps cost around Rs 72.
The average price of petrol in metros is Rs 72 per liter, the base price is Rs 18 per liter. Excise duty (ED) is about Rs 33 and Value Added Tax (VAT) is Rs 16 per liter. Thus, about 70 per cent of the petrol price is in the form of excise duty and VAT only. Which is the most expensive tax in the world.
Given the state of the developed economy, 18 per cent of the total price is taxed in the US, 47 per cent in Japan, 62 per cent in the UK and 63 per cent in France. According to the Care Ratings Agency, the price of crude in India has never benefited the countrymen. The price of crude oil was 20 20 a barrel in April