Fuel prices hit all time high
Source: The Sangai Express

Imphal, February 07 2021: Fuel prices have risen to a new high with petrol price now standing at Rs 90.65 per litre and Rs 80.65 for the same for diesel.

The rate of fuel have increased across the country varying from State to State and as per the data available, petrol prices will hit a century and the diesel price will cross Rs 90 in two to three months if the trend continues.

As of January 29 last, prices of petrol and diesel stood at Rs 89.72 and Rs 79.62 per litre respectively.

The actual cost of petrol and diesel is only Rs 28.66 (including transportation charge).

However, the Centre and the State levy Rs 22.74 (Excise) and Rs 36.50 (VAT) on petrol and Rs 22.50 (VAT) and Rs 26.86 (Excise) on diesel per litre.

In short, the customers spend Rs 59.24 (petrol) and 49.36 (diesel) on tax in purchasing a litre of fuel, indicating that the tax levied is much higher than the actual cost of the fuel.

In Manipur, the State Government started charging additional money (Rs 5 /litre) above the VAT due to the bad economy since May 2020.Remarkably, the price of petrol and diesel (per litre) will drop to Rs 85.65 and 75.55 respectively if the Government eases the additional money (Rs 5) .

If the Government keeps increasing the price of fuel unchecked the price of essentials would also rise and it is the daily wagers and poor families that would be hit the hardest if such a situation arises.

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