Post GST, petrol prices shot up by 11.25% in Bengaluru

DH News Service, 14-09-2017 05:24:23

Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print

Post GST, petrol prices shot up by 11.25% in Bengaluru

The retail prices of petrol and diesel have seen a steep rise of 11.25% and 8.46%, respectively, in Bengaluru over the last two months after the introduction of GST.

Petrol was retailed at Rs 71.47 per litre on Wednesday in Bengaluru, while diesel was sold at Rs 58.82 per litre.

When compared with the prices on July 1, which stood at Rs 64.24 per litre for petrol and Rs 54.23 per litre for diesel, the price increase works out to 11.25% and 8.46%, respectively.

Although the prices of petrol came down by Rs 3.37 per litre on July 1 as a result of removal of entry tax of 5%, the prices since then are on an upward curve. The rise in prices has come at a time when the crude oil prices are on a southward movement, owing to tinkering of tax rates. The widely consumed crude product attracts a tax of 132.58%, including excise and VAT. While the cost of crude oil is Rs 20.19 per litre, it increases to Rs 29.53 per litre after refining.

In case of diesel, post refining price stands at Rs 29.12 per litre. On June 27, 2008, when world crude prices touched a record high of $141 a barrel, it cost India Rs 38.13 per litre of crude. The retail price of petrol then stood at Rs 50.56 per litre, while diesel was sold at Rs 34.80.

However, from June 18, the fuel prices in the country have been changing on a daily basis. Since then, the prices of the commodity have gone up from Rs 69.32 to the current level.

“We faced a loss of Rs 2.5 lakh on July 1 when GST came into effect,” a dealer in Bengaluru told DH on condition of anonymity.

If various dealers are to be believed, it took them almost one and a half month to recover from this loss.

The price of fuel at the retail station comprises the product cost, central government excise and taxes, state government taxes and operating costs and margin.

The end prices of diesel and petrol include Rs 2.79 per litre and Rs 1.78 per litre commission taken by dealers, respectively, along with a huge compilation of taxes.

The government, however, said the current prices were “affordable” and that the “knee-jerk reactions cannot dictate” the government’s fuel pricing policy.

Petroleum Minister Dharmendra Pradhan, who held an hour-long meeting with high-level officials, including from oil marketing companies, told reporters that the government will not interfere with the day-to-day functioning of oil companies.

Petrol and diesel products, which were kept out of the ambit of GST, draw huge amounts of tax. While excise duty on petrol is Rs 21.48 per litre, diesel attracts an excise of Rs 17.33 per litre.

This doesn’t end here. Petrol attracts 27% of Value Added Tax (VAT) on the basic price and diesel attracts a VAT rate of 16.75% as well as 25 paise of cess.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using will be purely at your own risk, and in no way will be held responsible.
Similarly, reserves the right to edit / block / delete the messages without notice any content received from readers.

Kemmannu Main Road [Work-in-progress, Pictures upd [2 Comments]
View More

Mount Rosary Church Annoucement for the weekMount Rosary Church Annoucement for the week
Rozaricho Gaanch Easter 2018Rozaricho Gaanch Easter 2018
Milarchi Lara - Issue April - 2018Milarchi Lara - Issue April - 2018
Delite Caterers and Delite Event ManagementDelite Caterers and Delite Event Management
An appeal to Kemmannu Parishioners, Friends and Well Wishers:


An appeal to Kemmannu Parishioners, Friends and Well Wishers:<P> <Center>[Comments]</P> </Center>
Milarchi Laram - Issue Jan 2018Milarchi Laram - Issue Jan 2018
Read online Uzvaad:<font color=red> Read online Uzvaad</font color=red>:
Visit Axis Bank Now open in Kallianpura, SanthekatteVisit Axis Bank Now open in Kallianpura, Santhekatte
For all your travel needs contact Sequeira TouristFor all your travel needs contact Sequeira Tourist
Power Care Services, MoodubellePower Care Services, Moodubelle
Read Online RaknnoRead Online Raknno
Kemmannu Platinum Jubilee Souvenir – Amruth KaanikKemmannu Platinum Jubilee Souvenir – Amruth Kaanik
Udupi TodayUdupi Today
St. Alphonsa of India
Mangalorean Fertility Physician in New York


Mangalorean Fertility Physician in New York


For information, please email or contact Megi Zeku at 646-962-7499, prompt 3.



Thank you from Kemmannu.comContact for all your Travel, Tours and For Rent a Car

Contact Maria Travels  for all your Travel, Tours and For Rent a Car Mob: 9980889512 or 9819444307

Thanksgiving to St. Lawrance

Thanksgiving to St. Lawrance

Sponsored Albums