After Rajasthan, Andhra Pradesh slashes fuel prices by Rs 2 per litre

After Rajasthan, Andhra Pradesh slashes fuel prices by Rs 2 per litre

After Rajasthan, Andhra Pradesh slashes fuel prices by Rs 2 per litre

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. Similarly in Mumbai, petrol touched Rs 87.77 per litre and diesel Rs.76.98 per litre.

"The way the prices are increasing with each passing day, it seems that it would cross Rs. 100 per litre".

Petrol prices soared to fresh record high on Saturday across the four metros.

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India imports about 80% of its crude oil, and the falling Indian rupee will make the imports costlier and lead to a rise in fuel prices.

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. A reduction in retail prices can happen only if excise duty is reduced - in which case the Centre and state governments bear the loss, or the oil firms bear it directly. On Tuesday, former Finance Minister P Chidambaram had tweeted: "Relentless rise in prices of petrol and diesel is not inevitable".

The fuel prices are likely to go up further as the rupee hit yet another all-time low of ₹72.

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Similarly, the price build-up of diesel in Delhi includes excise duty of ₹15.33, dealer commission of ₹2.51, and Value-Added Tax of ₹10.46(including Value-Added Tax on dealer commission). 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 party has demanded that petrol and diesel should be brought under the GST, by which oil prices could drop by about Rs 15 to Rs 18.

The VAT on petrol has been reduced from 30 to 26 per cent and from 22 to 18 per cent on diesel, Rajasthan Chief Minister Raje announced at a public gathering in Rawatsar in Hanumangarh district on Sunday.

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