MUMBAI, June 1: The petrol prices in the metropolis have shot up 17 per cent to Rs 30.21 per litre from midnight tonight following an increase in excise duty and a cess of Re 1 per litre announced in the Union budget for 1998-99, an official release said tonight.At present, petrol prices in Mumbai is Rs 25.76 per litre while in Thane it is Re 1 less. Petrol prices in Delhi jumped by Rs 3.81 per litre to Rs 26.77, while in Calcutta petrol would be retailed at Rs 27.59 and Rs 31.36 in Chennai. New prices, includes the sales tax levied by the respective State government.
The release said an additional duty of excise at the rate of Re one per litre would be levied with immediate effect.
Finance minister Yashwant Sinha had announced an increase in excise duty on petrol from 20 per cent to 35 per cent to offset the impact of a five per cent cut in import duty on crude oil to 22 per cent.
Revenue loss on account of import duty cut totalled Rs. 965 crore, while the cess on petrol was to garner Rs 790 crorefor road development annually.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
