ibusinesslines.com September 19, 2018

Petrol Prices: Naidu Put Pressure On KCR..

12 September 2018, 11:17 | Kelvin Horton

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

Since mid-August petrol price has risen by over Rs 3.5 a litre and diesel by about Rs 4 per litre as rupee hit record low against the US dollar making imports costlier

"The statement given by the Government that it has no role in fixing the fuel price is a misleading statement because the oil companies are fixing the price of petrol and diesel with the implied consent of the Government itself".

The continuing plunge in the rupee, coupled with the rising crude oil prices, will give the states a windfall in tax revenues to the tune of Rs 227 billion over and above the budget estimates for the current financial year, says a report.

"A $1/barrel increase in oil prices, translates in a revenue of Rs 1,513 crore to all major (19) states", said the note authored by SBI's Group Chief Economic Adviser Soumya Kanti Ghosh. Meanwhile, in Mumbai, petrol and diesel have touched a new high of Rs 88.26 and Rs 77.47 per litre respectively. Petrol and diesel prices are going up, the state government will certainly come up with some measures like last time, Kesarkar said.

The VAT on petrol has been reduced from 30 to 26 per cent and from 22 to 18 per cent on diesel, Rajasthan Chief Minister Raje announced at a public gathering in Rawatsar in Hanumangarh district on Sunday.

The Delhi High Court today refused to issue a direction to the Central government to fix a "fair price" for petrol and diesel as per Section 3 (1) the Essential Commodities Act, 1955. It stated the largest gain would be in Maharashtra to the tune of Rs 33.89 billion followed by Gujarat at Rs 28.42 billion.

The Court, nonetheless, asked the Centre to consider an earlier representation pending before it on price rise of petrol and diesel within four weeks. It is reported that Petrol price would be cut by Rs 2 per litre.

Andhra Pradesh offered some relief, while Karnataka promised to consider a cut.

The report recommend that if the states impose Value-Added Tax on base price (crude oil+ transportation cost+ commission), then diesel prices could drop by as much as Rs 3.75 and Rs 5.75 for petrol.

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