Petrol prices went above Rs 100 a litre in Kashmir today.
The oil marketing companies hiked the oil prices by over 20 paise per litre. With this hike the petrol price went to Rs 100.04 per litre in Kashmir division.
As per the price list, the diesel on Friday was priced at 91.38 per litre, extra-mileage petrol which is also known as power product at 103.71 a litre.
Earlier on Monday, the price of petrol in UT of Ladakh also touched Rs 100.
Petrol and diesel rates in the country have sharply increased after the latest round of fuel price hike by oil marketing companies (OMCs). Experts have said the continuous increase in fuel prices will have a widespread impact on citizens and the overall economy.
“Since last year, the petrol prices have increased by Rs 33 a litre,” said an OMC executive.
The soaring petrol prices are hitting the consumers badly. “I have stopped using my car,” said Ajaz Ahmad, a local businessman who complains of slump in general business.
In the recently presented union budget for 2021-22, Finance Minister, Nirmala Sitharaman imposed Rs 2.5 per litre agri cess on petrol and Rs 4 a litre on diesel. But this was offset by an equivalent reduction in excise duty.
As of now, a basic excise duty (BED) of Rs 2.98 per litre is levied on petrol, and another Rs 12 a litre is charged as special additional excise duty (SAED) and Rs 18 as road and infrastructure cess. To accommodate the agri cess, the BED was cut to Rs 1.4 and SAED to Rs 11.
Similarly, on diesel, BED was cut from Rs 4.83 to Rs 1.8 a litre and SAED to Rs 8 from Rs 9 per litre.
The government had last year hiked excise duty by Rs 13 and Rs 16 per liter to mop up benefits arising from falling international oil prices.