With consecutive hikes, petrol crosses Rs 90-mark in Maharashtras Parbhani

11 September, 2018, 23:04 | Author: Billie Castillo
  • Hike in fuel prices for third consecutive day

The transporters' body said its units had made a decision to stage protests across districts. "The effect of this benefit has kept inflation under control despite rise in fuel prices". He added that a one Rupee per litre cut in tax would result in revenues being hit by Rs 30,000 crore on an annualised basis. AP gets Rs 22.15 per litre on petrol and Rs 16.87 on diesel. Union Petroleum Minister Dharmendra Pradhan also attributed the hike in fuel prices mainly to rupee depreciation.

However, Maharashtra Chief Minister Devendra Fadnavis on Sunday said that the state government was working on various proposals to give relief to the people from rising fuel prices. The spike in prices has renewed calls for cut in excise duty but Finance Minister Arun Jaitley has remained non-committal, saying worldwide oil prices are volatile and have not shown any linear movement. Fuel prices in Delhi are the cheapest among all metros and most State capitals due to lower taxes.

In Mumbai, Petrol & Diesel prices are Rs.87.77 per litre & Rs.76.98 per litre, respectively. 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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TDP had opposed the demand of the opposition parties to bring the fuel products under the ambit of GST, claiming that fuel products were among the major contributors of tax revenues for the states. These taxes are a huge revenue generator for the government, and the current regime is using these as milch cows to garner greater revenue while the common people suffer.

The reduction is expected to cause a burden of around Rs 1150 crore on the state exchequer. The tax imposed by the Centre on petrol (including customs and excise duties, and other cesses) is 52.75 per cent, and on diesel is 38.53 per cent. "Till then dependence on oil will continue", he said.

This is the biggest increase in rates in any fortnight since the daily price revision was introduced in mid-June previous year. The revised rates are applicable from 6 am from today. So, it's taken about 9 months for petrol price to increase from Rs 80 to Rs 90 in Parbhani.

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