ibusinesslines.com September 21, 2018

Andhra Pradesh Government Announces Reduction in Petrol, Diesel Prices by Rs 2

10 September 2018, 06:42 | Kelvin Horton

Petrol price hits record high of Rs 80.38 per litre in Delhi; diesel at Rs 72.51 per litre

Hike in fuel prices for third consecutive day

The Chief Minister's announcement came as 22 opposition parties are holding a nationwide strike called by the Congress over rising fuel prices and the falling rupee.

Apart from a 25 per cent Value Added Tax (VAT) on petrol (and 21 per cent on diesel), the Maharashtra government has also introduced Rs 9 and Rs 1 as various cess on petrol and diesel respectively.

Since the start of the year, the petrol price in Delhi has risen by Rs 10.41 from Rs 69.97 a litre and the diesel price has gone up by Rs 12.81 from Rs 59.70 a litre on January 1. According to petroleum dealers in the State, compared to Friday's price, petrol on Saturday cost 41 paise more while diesel price rose 48 paise a litre. The new petrol and diesel prices will be applicable from Tuesday morning (September 11).

Petrol and diesel prices continue to rise for the fifth consecutive day in the nation capital. Two of them, rising price of crude oil and depreciation in the value of the rupee against the USA dollar, are beyond the control of government.

The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹72.

As per the country's pricing mechanism, the domestic fuel prices are dependent upon the global fuel prices on a 15-day average and the impact of the rupee-US dollar fluctuations.

However, the central government is yet to announce any cut on the excise duty levied on petrol and diesel. "Moreover tax structure is such that VAT on fuel rises with the rise in the price of fuel".

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 made a decision to give relief to the citizens by reducing the Value Added Tax (VAT) on diesel and petrol in the State.

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