Taxes make up for nearly two-thirds of the retail selling price. As much as Rs 50.69 per litre, or 64 per cent, in petrol price is due to taxes — Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT.
Petrol and Diesel prices, on January 26, increased by 35 paise after being unchanged for two days. The cost of petrol at record high at Rs 86.05 per litre in Delhi.
With increase in 35 paise, the cost of petrol and diesel is at Rs 92.62 per litre in Mumbai. Diesel price now cost Rs 76.23 per litre in Delhi and In Mumbai, the diesel prices cost is Rs 83.03 per litre.
Oil Minister Dharmendra Pradhan blamed Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts.
Top oil explorer Saudi Arabia has pledged additional voluntary output cuts of 1 million barrels per day in February and March, which has led to price climbing to most since the pandemic broke out.
State-owned fuel retailers — Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — had on January 6, resumed daily price revision after nearly a month-long hiatus.
Since then, rates have gone up by Rs 2.34 a litre on petrol and Rs 2.36 in case of diesel.
This comes after international oil prices firmed up in hopes of demand returning from the rollout of coronavirus vaccines in different countries, including India.
Prior to the current high crude prices triggered the price hikes this month, fuel prices had last touched record high on October 4, 2018. At that time the government had cut excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.
This time, there are no indications of a duty cut so far. Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.
In a first, CEAT opens all-women operated customer service centre
One of the most popular tyre brand CEAT has announced the opening of all-women operated customer service centre Shoppes at Bhatinda in Punjab and said it plans to set up such outlets pan-India in the next few months.
CEAT had earlier this month said that these service outlets will work as full-fledged customer service centres. At the time of the global crisis due to the pandemic, many people have lost their jobs but with this initiative, CEAT Tyres is opening avenues for women and creating more employment opportunities.
The all-women CEAT Shoppes include women workforce for all service-related assistance to customers. This also includes manual jobs like wheel changing, balancing and operating various machinery to service a vehicle, the company said in a release.
The first of such Shoppes has been opened in Bhatinda, north India followed by introduction of 10 Shoppes in the next few months across India, it said. “We have been offering equal and fair opportunity to women in every field including our manufacturing plants. From shop-floor engineers to leadership roles, CEAT has a diversified female workforce taking up challenging roles and growing in their respective fields.
“The all Women CEAT Shoppe is an industry first initiative which further reiterates our commitment to allow women to grow and make a mark in the Tyre Industry which is predominantly male driven business,” said Amit Tolani, Chief Marketing Officer, CEAT.
The initiative will not only provide financial stability to women but will inspire many others to join this industry as the company plans to expand its footprints across India with many more such outlets in the months to come, he said.
CEAT will be investing in providing end-to-end training to the women running these outlets, said the release. With over 300 Shoppes in India, these outlets are authorized one-stop shops for vehicular assistance for sales and service to customers, the company said. (PTI)
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