Business

Petrol prices in Mumbai costliest in the country

The Central government might have slashed petrol and diesel prices, but the fuel price woes have surfaced anew in Maharashtra, especially Mumbai. The state government imposed Rs 2 additional surcharge on each litre of petrol today. With this the petrol prices in Mumbai now stand at Rs 76.91, the costliest in the country.

Why has petrol price increased in Mumbai?

Maharashtra government ordered the price hike to cover its losses resulting from declining revenue that used to come in from of excise duty on liquor and stamp duty on housing transactions, reported Hindustan Times. This is the second increase in petrol prices effected by Maharashtra government within the span of one month.

With this, the total surcharge on petrol has gone up to Rs 11 per litre in Maharashtra. In addition to this, customers will also have to pay the usual 26 per cent value added tax on petrol in Mumbai, Navi Mumbai and Thane and 25 per cent in rest of the state.

With this increase in petrol prices, Maharashtra government stands to earn additional Rs 700 crores in revenue. Some would call this a much-needed move considering difficulties the state exchequer has been facing due to dwindling revenue.

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