![]() "The States charge ad valorem taxes on oil. The central excise is a fixed levy and does not change with changes in prices. Union Minister Arun Jaitley had in a blog post on Monday alluded to states earning more through ad valorem VAT when oil prices rise. More importantly, GST being an ad valorem levy - charged as a percentage on ex-factory price - would have a cascading impact on retail prices whenever refinery gate prices are increased because of a rise benchmark international oil prices. Petrol costs Rs 76.27 a litre and diesel Rs 67.78 in Delhi. After hitting all-time high of Rs 78.43 a litre for petrol and Rs 69.31 for diesel on May 29, rates have marginally fallen during the subsequent days on softening in international oil prices and rupee strengthening against the US dollar.
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