This is the first time in Indian economy that prices in India are flying high and which is due to the Inflation, currently common man is effected the most because of this. take an example of Petrol Prices in last 2 months i.e Dec 2010 and Jan 2011 Petrol prices have been increased by 5.5 Rs. and it came as an surprise when someone told me that this is not a subsidized rate on which petrol should be provided to public, Govt. is saying that this is because of the high international rate of Petrol however there is a breakdown of prices given below which comprises of lots of taxes which common public is paying.
If the cost price of petrol per litre is Rs 58.90, following is the break up of cost calculated by the government.
Basic Price: Rs 28.93
Excise duty: Rs 14.35
Education Tax: Rs 0.43
Dealer commission: Rs 1.05
VAT: Rs 5.5
Crude Oil Custom duty: Rs 1.1
Petrol Custom: Rs 1.54
Transportation Charge: Rs 6.00
Total price: Rs 58.90
Look at the break up and now decide who is responsible for price rise of Petrol.
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