Petrol, diesel prices hiked again on Monday

Chandrababu announces cut of Rs 2 in fuel prices

Opposition parties have called for a bandh today to protest high retail prices of petrol and diesel.

The high cost of global crude oil and a weak rupee led the petrol price in Delhi to cross a record high level of Rs 80 per litre on Saturday. Both petrol and diesel prices increased by Rs 0.23/litre, reaching a new high of Rs 88.12/litre and Rs 77.32/litre, reported The Indian Express. The central government now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel.

Oil Minister Dharmendra Pradhan on Sunday said that India as a stable economy should avoid any knee-jerk reaction to volatile crude oil prices, indicating no cut in taxes on fuel despite petrol and diesel prices breaching record levels in the national capital.

Implication wise, the rise in diesel prices is expected to flare up the inflationary pressure as the fuel is primarily used to transport the majority of goods including agriculture products. In Mumbai, a litre of petrol costs Rs 87.77 and diesel comes for Rs 76.98, the notification said.

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This is the biggest increase in rates in any fortnight since the daily price revision was introduced in mid-June past year.

Andhra Pradesh Chief Minister Chandrababu Naidu announced a cut in state taxes on fuel. That it is unpopular is evident by the Rajasthan government's decision, ahead of an assembly election, to reduce local taxes on petrol and diesel.

"Since the Central Government is not responding on petrol prices, Naidu is doing exercise to give relief to public", TDP sources said. The Centre now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel. The prices of petrol and diesel in Rajasthan are down by Rs 2.5 per litre.

Maharashtra has the highest Value-Added Tax of 39.12 percent on petrol, Andhra Pradesh levies the highest Value-Added Tax of 26 percent on 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.

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