Petrol touches Rs 90.11 in Maharashtra's Parbhani

11 September, 2018, 18:10 | Author: Gerard Cortez
  • Bharat Bandh declared due to uncontrollable rise in fuel prices

Meanwhile, as opposition parties call for a nationwide bandh against NDA government over fuel price rise, Rajasthan's chief minister Vasundhara Raje on Sunday announced a 4 percent cut in the VAT (value added tax) imposed by the state on petrol and diesel. Because the price is built up by excessive taxes on petrol and diesel.

On Monday, the ruling Bharatiya Janata Party termed the hike in petroleum products as a "momentary difficulty" owing to an global crisis after the Opposition parties in the country observed a Bharat Bandh, to protest the skyrocketing fuel prices.

Speaking at the Bharat Bandh protest against rising fuel prices, Singh accused Modi government of failing to fulfil its promises to the people. Diesel, too, is not far behind. It is clear that the prime reason why petrol and diesel are expensive is because of the central and state taxes.

Mumbai has the highest tax rates among the metros.

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On September 10, 2018, the price of petrol being Rs 80.73, the percentage hike is 13, said the graphic posted by the saffron party's Twitter handle. In Chennai, petrol costs Rs 84.05 and diesel Rs 77.13.

"Fuel prices have disturbed the budget of every household". Since mid-August, petrol price has risen by Rs 3.24 a litre and diesel by Rs 3.74 per litre as rupee hit record low against the USA dollar, making imports costlier.

State-owned oil firms had in June past year discarded the policy of changing fuel rates on the first and 16th of every month, and resorted to daily price revision instead.

Touching a new high, in Mumbai, the prices of petrol threatened to touch Rs 90-per-litre mark at Rs 88.26 today whereas a litre of diesel is available for Rs 77.47. Union Minister Ravi Shankar Prasad said, "Diesel, petrol price rise is out of our hands because oil-producing countries have limited production". "If taxes are cut, prices will decline significantly". Till May 31, when the LDF government effected a slight cut in the sales tax on petrol and diesel, Kerala's was the sixth highest sales tax levy on both petrol and diesel. Because the price is built up by excessive taxes on petrol and diesel.

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