Fuel Prices Increased. Left declares Bharat Bandh on Monday

Petrol and Diesel prices go up again Check out rates on September 8 in metro cities

A litre of petrol was being sold in New Delhi for Rs 80.87, in Kolkata for Rs 83.75, in Mumbai for Rs 88.26, and in Chennai for Rs 84.07, according to the largest fuel retailer, Indian Oil Corporation (IOC). Propelled by a rise in global crude oil prices and a weakening rupee, the price of petrol in Delhi is now touching Rs 80 while diesel has crossed the Rs 72 mark. "This is the real outcome of oil tax cut", said a source.

CM Chandrababu Naidu announced cut-off in petrol and diesel prices by Rs 2 in Andhra Pradesh, after Vasundhara Raje in Rajasthan on the day nationwide shutdown called by oppositions. The Central government however, does not see a significant change in tax rules as the excise duty imposed is based on the quantity of petrol and diesel.

While a cut in excise duty that the central government levies will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT), the official, who wished not to be identified, said. The government anticipates worldwide oil prices to moderate in coming days, he said.

"60% of our work is heavily reliant on fuel, because of government's taxation policy, we are being forced to live in losses." says Naveen Kumar Gupta, Secretary General of the All India Motor Transport Congress (AIMTC).

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Oil Minister Dharmendra Pradhan on Sunday said that India as a stable economy should avoid any knee-jerk reaction to volatile crude oil prices, indicating no cut in taxes on fuel despite petrol and diesel prices breaching record levels in the national capital.

This means that an rise in fuel prices would increase tax revenues that are due to state governments.

Mr. Maken said the difference between fuel price hikes during the (UPA) regime and the Modi government is that while worldwide crude prices dictated their upward revision, the Modi government used low global crude prices to make windfall gains. Delhi charges a Value-Added Tax of 27 per cent on petrol and 17.24 per cent on diesel. The excise duty on petrol was ₹9.2 per litre in 2014 and it has gone up to ₹19.48 per litre. The state's share now works out to Rs 23.

In Mumbai, Petrol & Diesel prices are Rs.87.77 per litre & Rs.76.98 per litre, respectively.

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