Petrol Rates In Karnataka On 16th June, Price Hikes By 3.92%
The petrol price in Karnataka is at Rs.102.86, which has increased by Rs.0.2. The petrol rate in Karnataka has increased very little since yesterday. Although in the span of 10 days, the petrol rates in Karnataka have seen market fluctuations and the price range has hovered around Rs.99.84 to Rs.102.86.
This fluctuation in the petrol prices in Karnataka comes as the government has hiked the sales tax rates on petrol and diesel. The sales tax on both the petrol and the diesel has hiked by 3.92% and 4.1% respectively which has made the fuel costlier by around Rs.3. Sources within the Commercial Tax Department indicated that the anticipated price increase is expected to generate an additional annual revenue of at least ₹500 crore.
During the fiscal year 2023-2024, Karnataka recorded consumption of approximately 53.43 lakh kilo liters of petrol and 1.19 crore kilo liters of diesel. Presently, the state accumulates around ₹20,000 crore annually through sales tax on petrol and diesel.
Whereas, the international gasoline rates in May have also seen a significant change of around 0.5% to 2% which indicates the global market trend for the fuels.


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