Andhra Pradesh Cuts Petrol, Diesel Prices By Rs 2 Per Litre

Daniel Fowler
September 10, 2018

According to these reports, Naidu has proposed to announce a reduction of Rs 2 each on a litre of petrol and diesel, instead of a specific percentage reduction in the Value-Added Tax.

Amid nationwide strike against the spiralling fuel prices, petrol and diesel rates were hiked again on Monday in metro cities across India. The surge in fuel prices has affected people in Mumbai the most, with petrol retailing at Rs. 87.89 per litre and diesel at 77.09 per litre, after a 12 paise and 11 paise hike, respectively.

Similarly in Delhi, at Rs 80.73 per litre on Monday, taxes make up 43.18 percent of the price. While petrol costs ₹88.12 a litre, diesel is priced at ₹77.32 a litre, according to the daily price notification issued by OMCs. 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.

Petrol and diesel prices continue to rise for the fifth consecutive day in the nation capital.

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

However, the central government is yet to announce any cut on the excise duty levied on petrol and diesel. On Tuesday, former Finance Minister P Chidambaram had tweeted: "Relentless rise in prices of petrol and diesel is not inevitable". Since then, petrol and diesel prices have, overall, gone up by Rs 2.71 and Rs 3.19 respectively. 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.

The soaring prices are continuing to burn a hole in the pockets of commuters, one of whom feels he may have to avail bank loans to pay for fuel. 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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