Published: Tue, September 11, 2018
Money | By Arnold Ball

Congress Bharat Bandh evokes mixed response; BJP calls it failure

Congress Bharat Bandh evokes mixed response; BJP calls it failure

At the same time, the diesel prices too marched ahead and was priced at Rs 78.83 per litre.

While the Bharatiya Janata Party also claimed that the shutdown was "unsuccessful" because people understand the reasons why petrol and diesel prices were going up, the Congress termed the bandh as successful. And diesel? Rs 77.92 per litre.

Elsewhere in Maharashtra, in Thane petrol retailed at Rs 88.43 and diesel Rs 77.64, Mumbai was Rs 88.35 and diesel at Rs 77.56.

While global crude prices continue to be under pressure, an RTI reply from the government-owned Mangalore Refinery and Petrochemicals Limited, claims that India is exporting refined petrol to 15 nations at Rs 34 per litre while refined diesel is exported to 29 countries at Rs 37 per litre, as per the information provided.It is being alleged that the government has levied high taxes on petroleum products making it a prized commodity for domestic consumers while the same is exported at a much cheaper cost.

Sporadic incidents of violence were reported on Monday during a Congress-led opposition's Bharat Bandh against spiralling fuel prices that disrupted normal life mainly in Bihar, Kerala, Karnataka, Assam and Odisha.

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In New Delhi, petrol price reached Rs 80.73/litre; an increase of Rs 0.23/litre and diesel was at Rs 72.83/litre which is a Rs 0.22/litre hike.

Petrol and diesel prices saw a hike of 14 paise per litre in Delhi. The cut was based on the prices prevailing on May 30. Nearly half of the retail selling price of the two fuels is made up of Central and State taxes.

State-owned oil firms had in June a year ago discarded the policy of changing fuel rates on the first and 16th of every month, and resorted to daily price revision instead. "If taxes are cut, prices will decline significantly".

Rates vary from city to city depending on local sales tax or VAT and transportation cost. Mumbai has the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel.

Govt rules out excise duty cut as petrol, diesel A cut in taxes on petrol and diesel is ruled out for now as neither the central government nor some states have the appetite to stomach revenue loss from such a move, a top government official. 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.

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