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

Fuel prices touched a new high on Sunday on the back of continuing rise in global oil prices

Rajasthan has cut petrol and diesel prices by Rs 2.5 per litre, Andhra Pradesh by Rs 2 and West Bengal by Re 1.

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.

Anuj Khandelwal, a petrol pump owner said that for purchase of 100 litres of diesel, a truck driver will receive free breakfast and tea, according to the daily. Since March 2018, petrol and diesel prices have increased by₹ 5.60 and ₹ 6.31, respectively, in Delhi.

Amid nationwide strike against the spiralling fuel prices, petrol and diesel rates were hiked again on Monday in metro cities across India. 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%. They blame the government's unwillingness to cut excise duty for the high fuel prices and consumer burden.

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Meanwhile, Congress-led group of Opposition parties have called for Bharat Bandh today against the rising fuel prices. In Parbhani in the region, today's retails price is Rs 90.12. "Alternatively, a $1/barrel increase in oil prices translates, on an average, into ₹1,513 crore revenue gain to all the major 19 States", the SBI research report said.

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.

Introducing the resolution to cut Value-Added Tax in the Andhra Pradesh Legislative Assembly, Mr Naidu said the price of petrol and diesel had reached its peak with the anti-people policies of the central government over the past four years.

In Delhi, a litre of petrol cost Rs 80.87 and diesel cost Rs 72.97 - both marking an increase of Rs 0.14 per litre.

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