Published: Tue, September 11, 2018
Markets | By Otis Pena

MNS extends support to Bharat bandh

MNS extends support to Bharat bandh

"Between 2014 and now, excise duty on petrol has risen by 211% and 433% on diesel". It said 21 opposition parties are supporting the Bharat bandh, besides a number of chambers of commerce and traders' associations. Because the price is built up by excessive taxes on petrol and diesel. The percentage increase was 20.5.

Similarly, petrol is being sold for ₹83.54 per litre in Chennai and the diesel retail price is ₹76.64 per litre.

"We are pained to note that such important issues like fuel price hike, inflation and falling rupee that affect every citizen have not figured in the BJP's national executive and they are still giving empty slogans". In Delhi, a litre of petrol will cost you Rs 80.50, while in Mumbai the situation is worse with Rs 87.89 per litre.

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The fuel rates have been on fire since mid-August, rising nearly every day due to a drop in rupee value and rise in crude oil rates.

While Rajasthan on Sunday announced a 4 per cent cut in VAT on petrol and diesel, Andhra Pradesh Monday said fuel prices will be reduced by Rs 2 each from cut in sales tax. Fuel prices in Delhi are the cheapest among all metros and most State capitals due to lower taxes.

However, many feel that by attributing the price hike only on global factors must be taken with a pinch of salt, the BJP government is trying to shrug away its own responsibility of bringing fuel prices under the ambit of the Goods and the Services Tax (GST). Nearly half of the retail selling price of the two fuels is made up of Central and State taxes. The tax imposed by the Centre on petrol (including customs and excise duties, and other cesses) is 52.75 per cent, and on diesel is 38.53 per cent. "Bringing oil in GST is not a solution". This led to its excise collections from petro goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. Today, the price at which the state gets a litre of petrol is Rs 58.25. However, on June 16, 2017, a new scheme was implemented under which prices were to be revised every morning This shift from administrative price mechanism (APM) to dynamic pricing was done to ensure that the benefit of the smallest change in worldwide oil prices can be put into effect by dealers. Diesel rate touched its highest level of Rs 72.61 a litre. At the same time, the diesel prices too marched ahead and was priced at Rs 78.83 per litre.

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