Why ULIP mis-selling has become rampant ?
Why is there so much mis-selling of ULIP? How to avoid this mis-selling? Who should take ULIP?
Petrol and diesel prices remained unchanged on June 15 across the country after a day’s rise. The auto fuel prices had touched a new all-time high on Monday, with petrol and diesel becoming costly by 29 paise and 30 paise per litre respectively.
Today, a litre of petrol and diesel in the national capital is being sold at Rs 96.41 and Rs 87.28 respectively, according to Indian Oil Corporation, the country’s largest fuel retailer.
In Mumbai, a litre of petrol and diesel costs Rs 102.58 and Rs 94.70. Currently, fuel prices are highest in Mumbai among all metro cities.
Petrol price has increased by Rs 3.83 in May, while diesel price has gone up by Rs 4.43 per litre. After yesterday’s rise, it added up to Rs 5.72 for petrol and Rs 6.25 for diesel. It was the 25th price hike since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision in May.
Here is the list of fuel prices in top-10 cities:
Fuel price above Rs 100 mark:
Petrol prices have already crossed the Rs 100-mark in six states and union territories – Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana and Ladakh. Sri Ganganagar district of Rajasthan has the costliest petrol and diesel in the country with Rs 107.53 per litre and Rs 100.37 a litre.
Fall in demand:
May saw a nine-month low in the demand for fuel, while fuel prices are on the rise. According to the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry, despite the low base of May 2020, the demand fell 1.5% to 15.1 million tonnes. It was down 11.3% from the previous month.
Prices differ due to difference in taxes:
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.