Bharat Bandh: Petrol, diesel prices continue to breach record levels on Monday

10 September, 2018, 15:14 | Author: Billie Castillo
  • Petrol price hits record high of Rs 80.38 per litre in Delhi; diesel at Rs 72.51 per litre

Since mid-August, petrol price has risen by Rs 3.24 a litre and diesel by Rs 3.74 per litre as rupee hit record low against the U.S. dollar, making imports costlier. Reports said that the fuel prices were pushed to their highest ever after petrol price was hiked by 39 paise per litre and diesel by 44 paise for the third straight day in Delhi.

The all-India anti-fuel price hike shutdown got under way in different parts of Maharashtra with all parties, barring the ruling Bharatiya Janata Party and the Shiv Sena, joining in wholeheartedly. As per reports, petrol and diesel prices have increased by Rs 2.85 per litre and Rs 3.3 per litre respectively since August.

"Common man is suffering a lot due to the increasing prices of fuel". Because the price is built up by excessive taxes on petrol and diesel. The government is yet to disclose such a strategy. Petrol prices in Kolkata today were at Rs 83.39 per litre and diesel prices at Rs 75.46 per litre.

According to oil companies, petrol at refinery gate costs around Rs 40.50 a litre and diesel Rs?43. The spike in prices has renewed calls for cut in excise duty but Finance Minister Arun Jaitley has remained non-committal, saying global oil prices are volatile and have not shown any linear movement.

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The prices continued to rise in other metro cities of India too.

"Since the central government is not responding on (reducing the) petrol prices, Naidu is doing the exercise to give relief to the public", sources in the TDP said.

Andhra Pradesh has the third highest percentage of Value-Added Tax on petrol at 35.77% after Maharashtra and Madhya Pradesh and the highest on diesel at 28.08%. 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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