{"id":350197,"date":"2020-05-07T12:17:55","date_gmt":"2020-05-07T06:47:55","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=350197"},"modified":"2020-05-07T12:17:55","modified_gmt":"2020-05-07T06:47:55","slug":"crude-is-cheaper-why-isnt-petrol-its-the-tax-trick","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/crude-is-cheaper-why-isnt-petrol-its-the-tax-trick\/","title":{"rendered":"Crude is cheaper, why isn\u2019t petrol? It\u2019s the tax trick"},"content":{"rendered":"<p>On 1 March, petrol sold at \u20b971.71 a litre in Delhi. On 6 May, it sold at an almost similar price of \u20b971.26 a litre. Yet, the price of the Indian basket of crude more than halved from $50.90 a barrel on 2 March to $23.04 a barrel on 4 May. Mint probes why petrol prices haven\u2019t dropped.<\/p>\n<p>Why is the price same now as it was in March?<\/p>\n<p>The base price of petrol as of 1 March was \u20b932.61 a litre. It has since fallen to \u20b917.96 a litre, reflecting the fall in oil prices. However, between then and now, the central government has increased the excise duty on petrol by 65%, from \u20b919.98 a litre to \u20b932.98 a litre, primarily on account of the rise in special additional excise duty and additional excise duty (road and infrastructure cess). This apart, the Delhi government has increased the value-added tax (VAT) on petrol from 27% to 30%. As a result, taxes on the commodity have jumped from \u20b935.23 a litre to \u20b949.42 a litre.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 1 March, petrol sold at \u20b971.71 a litre in Delhi. On 6 May, it sold at an almost similar price of \u20b971.26 a litre. Yet, the price of the Indian basket of crude more than halved from $50.90 a barrel on 2 March to $23.04 a barrel on 4 May. Mint probes why petrol prices haven\u2019t dropped. Why is the price same now as it was in March? The base price of petrol as of 1 March was \u20b932.61 a litre. It has since fallen to \u20b917.96 a litre, reflecting the fall in oil prices. However, between then and [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-350197","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/350197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=350197"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/350197\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=350197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=350197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=350197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}