Petrol, diesel prices at all-time highs ahead of Ganesh Chaturthi

Ivan Schwartz
September 12, 2018

However, Maharashtra Chief Minister Devendra Fadnavis on Sunday said that the state government was working on various proposals to give relief to the people from rising fuel prices.

Thanks to the fall in the dollar-rupee and rise in petrol and diesel prices, states will garner an additional Rs 22,700 crore in revenue over and above budget estimates, according to a State Bank of India (SBI) research note. In Mumbai, a litre of petrol will cost you Rs 88.26 - that's the highest amount in all metro cities. This windfall gain may push down the states fiscal deficit by 15-20 basis points, if other things remain unchanged, the report said. The price variation in different states is primarily due to Value-Added Tax.

Delhi High Court advocate Ajay Tejpal said, "This is a rare instance of the issue of petrol and diesel prices, which has huge consumer interest, being examined legally". In Mumbai and Thane, the Maharashtra government charges a VAT/sales tax at 39.12 per cent on petrol, and 24.78 per cent on diesel.

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"Since states have an incremental revenue over the budgeted one, they could cut average petrol prices by Rs 3.20 /litre and diesel by Rs 2.30/ litre, without affecting their revenue arithmetic", it added".

Telangana chief minister K Chandrasekhar Rao has dissolved the state assembly and is going for early elections in November/December, while his Andhra Pradesh counterpart N Chandrababu Naidu wants to continue in power till the completion of his full term. In Bengaluru, the price of petrol is Rs 83.51 and that of diesel is Rs 75.32.

At a time when many opposition parties have called for a nation-wide bandh to protest the rise of fuel prices, the Andhra Pradesh government has on Monday taken a decision to slash the prices of petrol and diesel by Rs. 2. It stated the largest gain would be in Maharashtra to the tune of Rs 33.89 billion followed by Gujarat at Rs 28.42 billion.

Other reports by GizPress

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