Opposition parties have called for a bandh today to protest high retail prices of petrol and diesel.
Fuel prices on Saturday, 8 September, continued to soar and hit a new lifetime high, with the price of petrol crossing the Rs 80/litre mark at Rs. 80.38, and diesel at Rs.72.51 per litre. Petrol and diesel prices have risen steadily since August 1 of this year, with rising global fuel prices and a depreciating rupee against dollar.
"The way the prices are increasing with each passing day, it seems that it would cross Rs. 100 per litre".
The prices of both petrol and diesel, have been at their record high levels for around a week now. 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 previous year by Rs 2 a litre.
Implication wise, the rise in diesel prices is expected to flare up the inflationary pressure as the fuel is primarily used to transport the majority of goods including agriculture products.
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Diesel prices in the three cities were also raised today to Rs 77.32, Rs 75.68 and Rs 76.98 per litre, respectively.
But how much of the petrol price goes to the government as taxes?
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 (reducing the) petrol prices, Naidu is doing the exercise to give relief to the public", sources in the TDP said. Mumbai has the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel.