Naidu To Reduce VAT On Petrol, Diesel?..

Petrol and diesel prices eye century household budgets clean bowled

The opposition parties, led by Congress have called a "Bharat bandh" protesting against high fuel prices and accusing the Modi-led government of revising excise duty on petrol and diesel twelve times leading to a sharp spike in their prices. 61 per litre, following an increase of 12 paise and 10 paise, respectively. In Mumbai, the prices of petrol and diesel on Sunday are Rs 87.89 per litre diesel Rs 77.09 per litre respectively.

Similarly in Delhi, at Rs 80.73 per litre on Monday, taxes make up 43.18 percent of the price. Diesel rate touched its highest level of Rs 72.51 a litre. Both petrol and diesel prices have been at their all-time high in the country for around a week now, due to increase in crude oil prices and depreciation in the rupee against the dollar.

Pradhan had in May this year - when petrol, diesel prices had reached their earlier peaks - said that the government is working on a long-term solution to reign in fuel prices when they reach uncomfortable levels.

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

According to oil companies, petrol at refinery gate costs around Rs 40.50 a litre and diesel Rs 43. On Tuesday, former Finance Minister P Chidambaram had tweeted: "Relentless rise in prices of petrol and diesel is not inevitable". The Centre now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel. Besides this, the states levy Value Added Tax (VAT) is all there. The Central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October a year ago by Rs 2 a litre.

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