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The Centre, on Tuesday night, raised excise duty on petrol by Rs 10 a litre and on diesel by Rs 13 a litre. The Centre’s move is expected to cause no immediate impact on retail prices for end consumers since the state-run oil companies will be adjusting the duty hike against their margins.
However, many State Governments have started hiking the State-level fuel duties (VAT) to increase their revenues. This action by State Governments might lead to a rise in prices.
Infact, yesterday, the UP government increased the price of petrol by Rs 2 per litre, and that of diesel by Rs 1 per litre. On Monday, the Delhi government had increased VAT on petrol from 27% to 30% (rise of Rs.1.67 per litre), and that on diesel from 16.75% to 30% (rise of Rs. 7.10 per litre). Earlier on Sunday, the Tamil Nadu government’s VAT hike had led to a rise in price by Rs 3.25 a litre of petrol and Rs 2.50 a litre of diesel.
For the trucking community, the Centre’s steep excise duty hike will have no proportional impact but the hike in VAT by State Governments is set to raise fuel prices.
WheelsEye would advise truckers to be prepared for such a rise in fuel prices in the near future.
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