Diesel price hits record high after rates hiked for 15th day in a row; petrol up 35 paise

Taxes make up for nearly two-thirds of the retail selling price. As much as Rs 50.69 per litre, or 64 per cent, in petrol price is due to taxes -- Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT. Over 63 per cent of the retail selling price of diesel is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT.

from Energy-Industry-Economic Times https://ift.tt/3drI23n