States may get ₹22,700 cr. from oil price rise: SBI report

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

Petrol and diesel prices are going up, the state government will certainly come up with some measures like last time, Kesarkar said.

The Chief Minister said that excise duty on diesel was Rs 3.56 per litre in 2014, and went up to Rs 17.33 by September 2017. Diesel prices per litre were at Rs 72.83 in Delhi, Rs 75.68 in Kolkata, Rs 77.32 in Mumbai and Rs 76.98 in Chennai.

In a masterstroke and timely decision, Chandrababu Naidu has cut down the excise duty of AP state government on the fuel prices. 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%.

The CM's move comes even as the Congress, with the support of Left and regional parties, called for a Bharat Bandh on Monday to protest the increasing fuel prices.

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Nearly half of the retail selling price of the two fuels is made up of central and state taxes.

However, the court asked the government to consider an earlier representation pending before it on price rise of petrol and diesel and listed the matter for further hearing on November 16. In Maharashtra, apart from 25 percent and 21 percent Value Added Tax (VAT) on petrol and diesel respectively, the government has also introduced Rs 9 and Re 1 as various cess on petrol and diesel respectively.

On the 15th day of consecutive hikes, petrol prices increased on Tuesday by Rs 0.14 and diesel by Rs 0.15, from 6 a.m, barely two days before the state's biggest 10-day Ganeshotsav festival begins. "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. Mr Naidu in fact said that the central government had failed to reduce the price of petrol and diesel despite the fall in the price of crude oil in the worldwide market. In Bengaluru, the price of petrol is Rs 83.51 and that of diesel is Rs 75.32.

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