Economy

After Rajasthan, Andhra Pradesh slashes fuel prices by Rs 2 per litre

After Rajasthan, Andhra Pradesh slashes fuel prices by Rs 2 per litre”

Naidu accused the NDA government at the Centre of misleading the people by attributing the steep hike in the prices of petrol and diesel to growing crude oil prices globally. The prices of petrol and diesel in Rajasthan are down by Rs 2.5 per litre. Fuel prices vary from state to state due to taxes and it is the highest in Mumbai. It crossed the Rs 80-mark for the first time in New Delhi yesterday.

Petrol and diesel prices went up by more than 10 paise in the national capital and the business capital of the country.

Pradhan had in May this year - when petrol, diesel prices had reached their earlier peaks - said that the government is working on a long-term solution to reign in fuel prices when they reach uncomfortable levels. It gained 22 paise to Rs 83.61 per litre.

Meanwhile, normal life was hit in some states on Monday with offices and educational institutes closed and vehicles off the roads during an opposition sponsored "Bharat Bandh" against the rising fuel prices. To this end, Finance Minister Arun Jaitley has argued that the global oil prices are volatile and have shown no linear movement. The Central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October previous year by Rs 2 a litre. At least 20 other political parties, including the Nationalist Congress Party (NCP), Dravida Munnetra Kazhagam (DMK) and the Samajwadi Party (SP), have extended their support to Congress against the fuel price hike.

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.



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