Taxes triple petrol, diesel prices in India; gap widening between retail fuel prices and crude oil prices

Petrol and diesel prices in India have continued to rise, despite 25-33 on-year percent fall in international crude oil prices, widening the divergence between retail fuel prices in India and crude oil prices across the globe. The governments are collecting around 204 percent taxes on the base price of petrol, and 150 percent taxes on the base price of diesel, according to a report by Care Ratings. Taxes now make up around 64 percent of the retail price of petrol 58 percent of the retail price of diesel, according to the latest available data on price build of petrol and diesel.

It is to be noted that the figures quoted here are taken from the fuel price in Delhi after the Arvind Kejriwal government recently brought back the taxes on diesel from 30 per cent to 16.75 per cent. With the latest cut in diesel prices, the retail price of diesel again fell below the petrol in Delhi. On Tuesday, the price of petrol was Rs 80.43 a litre while that of diesel was Rs 73.6 in the city.

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