Published: Wed, September 12, 2018
Money | By Ralph Mccoy

Petrol, diesel prices scale new highs on rupee woes

Petrol, diesel prices scale new highs on rupee woes

Andhra Pradesh chief minister N Chandrababu Naidu on Monday announced a reduction in petrol and diesel price by Rs 2 each in the state, effective from midnight. "The petitioner has reasons to submit that enhanced fuel prices (petrol and diesel) are being demanded/charged as per political wish, need and necessities", the petition alleged. Petrol per litre today was priced at Rs 80.73 in Delhi, Rs 83.61 in Kolkata, Rs 88.12 in Mumbai and Rs 83.91 in Chennai.

Petrol and diesel prices set new records on Sunday as they continued their upward march on fall in rupee and surge in global crude oil rates. Some pumps are offering free breakfast and tea for drivers who purchase 100 litres of diesel, while others are offering electronic appliances and 2-wheelers on the purchase of a specific quantity of fuel.

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. "While crude prices are plummeting in worldwide markets, the increase of fuel prices in India is disheartening".

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

AP is the second state to do so in recent times after Rajasthan. For example, Maharashtra (39.12 percent per litre) has the highest rate of Value-Added Tax on petrol and Goa (16.66 percent per litre) the lowest. Another petrol pump owner told the daily that fuel stations along the border are struggling due to the price differences that amount to as much as Rs 5 per litre. 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.

The prices of petrol and diesel are under Rs 70 per litre in Port Blair, the capital of the Andaman and Nicobar Islands. An increase of $1 a barrel in crude oil price translates to Rs 15.13-billion revenue gain, on an average, to all the major 19 states, the report said.

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