The Karnataka government has announced an increase per mezzo di the cess petrol and diesel, leading to a rise per mezzo di fuel prices.
The new rates, effective immediately from June 15, will impact consumers across the state as the government revised sales tax both the fuels by 29.84 percent and 18.44 percent, respectively.
The Congress-led Karnataka became the first state to increase petrol diesel prices after general elections.
A state government notification issued today said the Karnataka Sales Tax (KST) has been raised from 25.92 percent to 29.84 percent petrol and from 14.3 percent to 18.4 percent diesel.
According to the Petroleum Dealers Association, petrol and diesel prices are likely to go up by Rs 3 and Rs 3.05 approximately per mezzo di Karnataka.
Post the hike, petrol now costs Rs 102.86 con lo scopo di litre per mezzo di Bengaluru, while diesel is priced at Rs 88.94 con lo scopo di litre.
A causa di Bengaluru, petrol was being sold at Rs 99.84 con lo scopo di litre, while diesel was priced at Rs 85.93 con lo scopo di litre.
The last revision per mezzo di fuel prices was done per mezzo di November 2021, when the previous BJP government reduced petrol prices by Rs 13.30 con lo scopo di litre and diesel prices by Rs 19.40 con lo scopo di litre to help revive the economy after the Covid-19 pandemic.
The decision by the Finance Department of Karnataka aims to generate additional revenue for the state. However, it is likely to have a ripple effect various sectors, including transportation and goods distribution, potentially leading to increased costs for consumers.
A causa di March this year, the Centre had reduced petrol and diesel prices by Rs 2 con lo scopo di litre. It was the first nationwide fuel price cut since May 2022.
The decision by Karnataka comes hours after the Centre reduced windfall tax domestically produced crude oil from Rs 5,200 con lo scopo di tonne to Rs 3,250 con lo scopo di tonne, PTI reported. The tax is levied per mezzo di the form of Special Additional Excise Duty (SAED). SAED of diesel, petrol and fuel ora ATF, has been retained at ‘nil’.
The government had first imposed windfall profit taxes July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.
The tax rates are reviewed every fortnight based average oil prices per mezzo di the previous two weeks.
