According to the reports the Indian Government reported to Lok Sabha about its collection of ₹3.35 lakh crore from the tax duty of petrol and diesel. It is said to be the high jump from last year financial year which was ₹1.78 lakh crore. Almost about 88%. Such increment in profits was conjured due to the whopping price for both the fuels.
The duty hike for petrol was ₹19.98 per litre to ₹32.9 last year, while diesel accumulated from ₹31.8 from ₹15.83 per litre. The petroleum authority had written to Lok Sabha stating that the tax was levied to perceive the gains of the international oil prices. As the prices of crude oil surged low with a range of pandemics and its enduring demand. Further, the ministry claimed that duty profits could be elevated if the fuel price did not permit low due to the lockdown.
Metro cities experienced per litre petrol price crossing ₹100 Mar. Diesel price too crossed ₹100 a litre mark. Numerous states and union territories have petrol at over ₹100 per litre mark and diesel is above that level in Rajasthan, Madhya Pradesh and Odisha.
Last month the price was stabilised but in the recent occurring it is declining again.
Petrol and diesel prices on September 2, are unchanged for the four metros after a marginal reduction was seen on the previous day. Petrol price in Delhi is at ₹101.34 and the diesel rate is ₹88.77 per litre.