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

Posted September 10, 2018

Even as the opposition parties called for Bharat Bandh to protest against the soaring fuel prices, the state-owned oil marketing companies (OMCs) have again increased the price of sensitive petroleum products like petrol and diesel in the country on Monday.

On the other hand, the price of petrol rose to Rs 87.77 per litre in Mumbai, while diesel is being sold at 76.98 per litre.

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.

Andhra Pradesh Chief Minister Chandrababu Naidu today became the second Chief Minister to announce a cut in state tax for fuel, which will bring down prices by Rs 2 per litre and cost the exchequer around Rs. 1,120 crore.

Off late, the prices are on a northward journey for about a month now, baring a few days, when it dropped marginally.

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In Kolkata, the price of petrol has been increased to ₹83.27 per litre while the diesel price has gone up to ₹75.36 per litre.

"Determining fares has become very complicated, especially in longer journeys". Two, it insulates fuel prices from competitive politics.

Since oil prices have started rising, following USA sanctions on Iraq and the slide of the rupee against the dollar, there have been calls to reduce tax. "So while industry and retail consumers are suffering, the government is increasing its tax revenue", said Patel. Delhi charges a Value-Added Tax of 27 per cent on petrol and 17.24 per cent on diesel.

If the reports coming from the power corridors of Amaravati, Telugu Desam Party president and Andhra Pradesh chief minister N Chandrababu Naidu is learnt to have chose to give relief to the citizens by reducing the Value Added Tax (VAT) on diesel and petrol in the State.

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