Rupee plunge, crude oil spike to give states Rs 22,700 crore windfall

Rupee plunge, crude oil spike to give states Rs 22,700 crore windfall

As many as 21 political parties partook in the Bharat Bandh yesterday, which was initiated by Congress and other leading Opposition parties.

If the States imposed Value-Added Tax on base price (i.e. crude oil + transportation cost + commission), the diesel prices could drop by as much as ₹3.75 and petrol by ₹5.75, the report said. He said that the statement is far from the truth and misleads people. In Mumbai, petrol sold at Rs 88.21 and diesel at Rs 77.41, according to All India Petrol Dealers Association (AIPDA).

The calculation is based on the assumption that for FY19, crude averages at $75 a barrel and the exchange rate at Rs 72, SBI Research 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 global market. 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 excise duty on petrol per litre was Rs 9.48 in 2014, increasing to Rs 19.48 by 2018. Petrol price has now crossed Rs 89 a litre in Maharashtra.

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Petrol was selling at Rs 82.95 in Kochi on Tuesday, and diesel at Rs 76.95.

He said that the central government has collected Rs 10 lakh crore in the past four-and-a-half years in the name of excise duty, thus burdening the common man.

In her instant PIL, she prayed to the court to "declare the formula, mechanism, procedure being followed by the Respondent/Government in fixing the daily price of petrol and diesel unconstitutional, unlawful as the said "Daily Price" is not fair price as contemplated under Section 3 (1) of the Essential Commodities Act, 1955". Chief Minister Chandrababu Naidu today slammed the Centre over the rising petrol prices, adding that the price of essential goods is being badly affected.

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