PANJIM: Petrol prices in Goa on Tuesday touched a record high of Rs 70.84 per litre, the highest in the State in recent years. Experts attribute the rise to the spike in global crude prices and high fuel taxes in the country. Brent crude oil was $79 per barrel on Monday.
Since last year, oil companies have been revising petrol and diesel prices daily after the dynamic system of fuel pricing was introduced. Earlier, the price of petrol and diesel changed fortnightly. With the daily revision, the price of diesel has gone up by Rs 4.84 per litre over the past three months, while petrol has become costlier by Rs 5.34.
“We are fortunate that local VAT is Goa is less compared to other cities. The petrol VAT in Goa is 17 per cent while for diesel it is 19 per cent as compared to Mumbai which has some cess charges on top of VAT. It is almost impossible to control the prices as it is based on global rates,” an expert said.
He added, “The latest price of petrol in Goa stood at 70.84 which is according to me is the highest in the recent years and the consumer will surely be hit as they will have shell out more money.”
Petrol prices in the State on Tuesday increased to Rs 70.84 per litre from 70.56 per litre on Monday. In December 2014 the price was Rs 52.25, in 2015 it was Rs 54.81,
similarly in December 2016 it was Rs 54.81 while in 2017 the price was Rs 64.18.
On Tuesday, petrol prices in the State stood at Rs 70.84 per litre, which is the cheapest as compared to metros like Mumbai, where it is Rs 84.70, or New Delhi where it sells for Rs 76.87, Bangalore for Rs 78.12, and Hyderabad for Rs 81.43, Chennai Rs 79.79 and Kolkata Rs 79.53.
The cost of petrol in Goa is the lowest in the country after the government in 2012 had slashed VAT to 0.1 per cent. The decision had resulted in petrol prices dropping by Rs 11. Later, the government had hiked VAT in a staggered manner to help the State recover revenue.
Worldwide, crude oil prices hold the key to fuel rates. Crude oil prices had plummeted in the period mid-2014 to mid-2016. But, since July 1 last year, global crude oil prices shot up by 47 per cent, which resulted in fuel prices soaring.
India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.
