1. The fuel price hike started from June 6 has continued to increase for the 16th consecutive day. As result petrol prices have risen by Rs 9.21 per liter while diesel prices have increased by Rs 8.55 per liter.
2. The increase in rates is the highest for any fortnight since fuel pricing was deregulated in April 2002. According to the available pricing data, the maximum that rates have increased in any fortnight was Rs 4-4 per liter.
3. Over 63% of the retail selling price of diesel is taxes. Out of the total tax incidence of INR 49.43 per liter, INR 31.83 is by way of central excise and INR 17.60 is VAT.
4. Taxes make up nearly two-thirds of the retail selling price. As much as INR 50.69 per liter or 64% in petrol price is due to taxes INR -32.98 is the central excise duty and INR 17.71 is local sales tax or VAT.
5. The government on March 14 hiked excise duty on petrol and diesel by INR 3 per liter each and then again on May 5 by a record INR 10 per liter in case of petrol and INR 13 on diesel. The two hikes gave the government INR 2 lakh crore in additional tax revenues.
6. Despite global crude oil prices plunging in April and remaining low in May, they did not help Indian consumers because the government hiked levies that kept retail prices of the two fuels more or less unchanged.
