Petrol, diesel prices scale new highs on rupee woes

Increasing Continuously Fuel prices reach new high

Monday's Bharat Bandh, a protest against rising fuel prices yielded a cold response from the ruling party.

If the reports coming from the power corridors of Amaravati, Telugu Desam Party president and Andhra Pradesh chief minister N Chandrababu Naidu is learnt to have chose to give relief to the citizens by reducing the Value Added Tax (VAT) on diesel and petrol in the State.

Amid the Opposition-sponsored nation-wide shutdown, the Bharatiya Janata Party (BJP) on Monday released a couple of graphics describing the percentage hike in both petrol and diesel prices.

Law minister Ravi Shankar Prasad on Monday blamed Organization of Petroleum Exporting Countries (OPEC) for the surge in global prices of crude and said that the solution for the fuel price hike in not in government hands.

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Meanwhile, transporters are gearing up to put pressure on the government to reverse its fuel tax policy. He added that a one Rupee per litre cut in tax would result in revenues being hit by Rs 30,000 crore on an annualised basis.

TDP had opposed the demand of the opposition parties to bring the fuel products under the ambit of GST, claiming that fuel products were among the major contributors of tax revenues for the states.

Petrol price was Sunday raised by 12 paise a litre and diesel by 10 paise per litre, according to the price notification issued by state fuel retailers.

The comments come on a day when opposition parties held nationwide protests against record high petrol and diesel prices. Till May 31, when the LDF government effected a slight cut in the sales tax on petrol and diesel, Kerala's was the sixth highest sales tax levy on both petrol and diesel. This led to its excise collections from petro goods more than doubling in the last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. Government officials had on Monday ruled out a cut in excise duty on petrol, diesel citing revenue loss. Petrol prices on Tuesday touched a scorching Rs 90.11 in Maharashtra's Parbhani while diesel prices also increased from Rs 77.92 to Rs 78.06, Parbhani District Petrol Dealers Association (PDPDA) President Sanjay Deshmukh said. It also makes it clear that it is only due to the taxes levied by the Centre and the additional value added tax by the states that the fuel is becoming a priced commodity for domestic users. "We have to depend on imports for oil". In Chennai, petrol costs Rs 84.05 and diesel Rs 77.13.

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