Published: Mon, September 10, 2018
Money | By Armando Alvarado

Increasing Continuously Fuel prices reach new high

Increasing Continuously Fuel prices reach new high

Mumbai: As the prices of petrol and diesel are on a constant rise, Shiv Sena protested against the fuel price hike in Mumbai. "There were hikes of about Rs 1.5 per litre in the earlier system when the revision took place on fortnightly basis", said Arvind Thakkar, president of Federation of Gujarat Petroleum Dealers Association, the apex body of all local associations of petrol pump operators in the state.

Andhra Pradesh Chief Minister N Chandrababu Naidu on Monday announced a reduction in petrol and diesel price by Rs 2 each, in the state.

Retail prices of petrol and diesel breached record levels on Monday with Oil Marketing Companies (OMCs) raising rates by 23 paise per litre and 22 paise per litre for the two automobile fuels in the national capital. The increase pushed the petrol price in Delhi to Rs 80.50 per litre.

Petrol prices soared to fresh record high on Saturday across the four metros. They blame the government's unwillingness to cut excise duty for the high fuel prices and consumer burden.

Diesel prices in the three cities were also raised today to Rs 77.32, Rs 75.68 and Rs 76.98 per litre, respectively.

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The price build-up of petrol in Delhi as on September 3, includes excise duty of ₹19.48, dealer commission of ₹3.63, and Value-Added Tax of ₹16.83(including Value-Added Tax on dealer commission).

"Since the Central Government is not responding on petrol prices, Naidu is doing exercise to give relief to public", TDP sources said.

But how much of the petrol price goes to the government as taxes?

The party has demanded that petrol and diesel should be brought under the GST, by which oil prices could drop by about Rs 15 to Rs 18. "The state will lose revenue of Rs 1,120 crores due to this reduction in price and in spite of the financial difficulties the state is in, we are willing to bear it", Naidu said.

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