Understanding the politics of fuel price

Assam Govt slashes prices on petrol and diesel; reduces VAT in state

Assam Govt slashes prices on petrol and diesel; reduces VAT in state

The price of petrol and diesel in New Delhi was Rs 81.82 per litre (increase by Rs 0.14) and Rs 73.53 (increase by Rs 0.29) respectively on Sunday.

Bihar government also reduced petrol and diesel prices by Rs 2.52 and Rs 2.55 per litre respectively on Friday. When compared to the neighboring states, Arunachal Pradesh levies 20 pct Value-Added Tax on petrol and 12.50 pct on diesel and Tripura collects Value-Added Tax at the rate of 23.15 pct on petrol and 16.18 pct on diesel. The chief minister said that the Maharashtra government has a positive stand on bringing petrol and diesel under the ambit of Goods and Services Tax. In Mumbai, the prices of petrol and diesel rose to Rs 87.15 per litre and Rs 76.75 per litre respectively. After much chaos regarding the fuel rate, the government has chose to cut down the price of the fuel.

A day after coming down significantly due to a cut in taxes by the Centre and state governments, petrol and diesel prices went up by 19-32 paise across major cities on Saturday morning.

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In India, nearly half of the price of retail fuel is due to taxes.

The reduction in excise duty, only the second in four years of BJP-led NDA rule, will dent central government revenues by Rs 10,500 crore and was aimed at cooling retail prices that had shot up to an all-time high. In Lucknow, every litre of petrol costs Rs 79.12, whereas the same amount of diesel is selling for Rs 71.28.

Industry sources said for state-owned fuel retailers absorbing Re 1 per litre price would mean a Rs 9,000 crore hit on profits on an annualised basis. Earlier, while briefing media, Union Finance Minister Arun Jaitley said that they have reduced Rs 2.50 on petrol and diesel prices.

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