Surge in Fuel Prices in India: Reasons, Options & Challenges - By Satish Kumar Karna
High pricing of petrol and diesel at the pump are due to two major factors: rising worldwide oil prices and a very high domestic tax structure. Fuel costs in India vary by state due to the impact of local taxes such as VAT and freight charges. For example, Rajasthan has the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh. Reduced fuel production and oil-rich nations seeking more profits are the other reasons behind spiralling petrol and diesel prices in the country. Also, the payment of interest and its principles for Oil Bonds contributed to the ....
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