States may get ₹22,700 cr. from oil price rise: SBI report

Since mid-August petrol price has risen by ₹3.42 a litre and diesel by ₹3.84 per litre as rupee hit record low against the US dollar making imports costlier

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. "Alternatively, a $1/barrel increase in oil prices translates, on average, to a Rs 1,513-crore revenue gain for all the major 19 states", it mentioned.

On Monday, petrol prices touched Rs 88.12/litre in Mumbai, while diesel cost Rs 77.32 per litre in Mumbai.

The Centre now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel. The Andhra Pradesh government, led by Chief Minister N Chandrababu Naidu, cut down petrol and diesel prices by Rs 2 per litre.

This windfall gain will have a positive impact on state finances, which might push down the states' fiscal deficit by 15-20 bps (100 bps or basis points equal to 1 per cent) provided other things remain unchanged.

A Bench of Chief Justice Rajendra Menon and Justice V Kameswar Rao said they can not issue any direction to the Central Government to fix a "fair price" of petrol and diesel as it is a policy matter which involved "larger economic issues". For example, Maharashtra (39.12 percent per litre) has the highest rate of Value-Added Tax on petrol and Goa (16.66 percent per litre) the lowest.

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Delhi High Court advocate Ajay Tejpal said, "This is a rare instance of the issue of petrol and diesel prices, which has huge consumer interest, being examined legally".

The report noted that a cut by Rajasthan and Andhra Pradesh has already pared rates.

Ghosh sees the largest revenue gain for Maharashtra (Rs 3,389 crore), followed by Gujarat (Rs 2,842 crore).

According to oil companies, petrol at refinery gate costs around Rs 40.50 a litre and diesel Rs 43.

Fuel prices in Delhi are the cheapest among all metros and most state capitals due to lower taxes. In Bengaluru, the price of petrol is Rs 83.51 and that of diesel is Rs 75.32.

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