ibusinesslines.com
ibusinesslines.com September 21, 2018


Petrol, diesel prices scale new highs on rupee woes

11 September 2018, 07:18 | Kelvin Horton

Increasing Continuously Fuel prices reach new high

Hike in fuel prices for third consecutive day

Tamil Nadu collected Rs 3.69 crore more revenue, while West Bengal collected an additional Rs 2.06 crore in the same time period. Petrol price has risen by Rs 3.65 a litre and diesel by Rs 4.06 per litre - the biggest increase in rates witnessed in any month since the launch of daily price revision in mid-June a year ago. Diesel in Parbhani is Rs 77.92 per litre.

This means that an rise in fuel prices would increase tax revenues that are due to state governments.

Offices, schools and colleges in the national capital opened at regular time despite the ' Bharat Bandh' called by the Congress to protest against the hike in petrol and diesel prices.

Rajasthan chief minister Vasundhara Raje on Sunday announced a 4% reduction in Value-Added Tax on petrol and diesel, which will reduce prices by ₹2.5 per litre.


The party said bringing fuel under Goods and Services Tax will lead to a drop of Rs 15-18 in fuel prices. Similarly in Mumbai, petrol touched Rs 87.77 per litre and diesel Rs.76.98 per litre. Since May 2014, the excise duty on petrol has seen a skyrocketing increase of 211%, while the duty on diesel has seen an increase of 443%.

Retail prices of fuels vary depending on local taxes, dealer commissions and the costs incurred in transporting them from refineries.

As it stands, the sales tax the state has imposed on petrol is 30.37 per cent, and that on diesel is 23.81 per cent.

Another official raised concerns over implementation of development projects if the Centre and states reduce taxes. Here is the case of petrol: from Rs 9.20 a litre it shot up to Rs 19.48 per litre for petrol. "We have given income tax relief to the tune of Rs 98,000 crore and also Rs 80,000 crore on account of GST rate cuts on 334 commodities", he said. "Inflation was 4.1 per cent in Vajpayee government, 5.8 per cent in UPA-1, 10.4 per cent in UPA-2 and in current NDA around 4.5 per cent average". The Bharat Bandh was peaceful in Madhya Pradesh, said Makrand Deuskar, IG Law & Order, Madhya Pradesh on Bharat Bandh The Bharat Bandh was peaceful in the state, 110-115 people have been arrested. Earlier, petrol prices were revised every fortnight, meaning that unlike now, the prices changed on the 1st and 16th of every month.



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