States to get Rs 227 billion windfall from rupee plunge, crude spike

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States to get Rs 227 billion windfall from rupee plunge, crude spike

Since mid-August, petrol price has risen by Rs 3.42 a litre and diesel by Rs 3.84 per litre as rupee hit record low against the U.S. dollar, making imports costlier. Opposition parties have even called for Bharat Bandh today affecting the day-to-day life of common man across India.

Value-Added Tax paid by consumers on final retail price is the highest for petrol in Mumbai at 39.12 percent and for diesel in Telangana at 26 percent.

Charting the decline in worldwide prices of oil and hike in excise duties, the petitioner said that August 16, 2013 onwards when global oil prices started declining, the government increased its excise duties /taxes from Rs. 22.16 per litre to Rs. 35.77 per litre as on 21.05.2018 for petrol and from Rs. 9.65 per litre to Rs. 25.32 per litre for diesel, while cost of crude oil was $111 per barrel on 16.08.2013 and it came to $80 per barrel on 21.05.2018.

The Delhi High Court today refused to issue a direction to the Central government to fix a "fair price" for petrol and diesel as per Section 3 (1) the Essential Commodities Act, 1955.

The Chief Minister said that excise duty on diesel was Rs 3.56 per litre in 2014, and went up to Rs 17.33 by September 2017. Across all states, Maharashtra pays the most for petrol because of a high VAT of 39.12% in Mumbai, Thane and Navi Mumbai, while the tax rate for the rest of the state is 38.11%.

Petrol and diesel prices continued to surge on Tuesday, a day after Opposition parties staged a nationwide strike against the rising rates. "While crude prices are plummeting in global markets, the increase of fuel prices in India is disheartening". Those living in Parbhani, 500 km away from Mumbai, are paying at least Rs 90.02 per litre due to higher transportation costs.

AP is the second state to do so in recent times after Rajasthan.

The Centre now levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel.

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