Economy

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”

The excise duty on petrol per litre was Rs 9.48 in 2014, increasing to Rs 19.48 by 2018.

A Bench of Chief Justice Rajendra Menon and Justice V Kameswar Rao said they can not issue any direction to the Central Government to fix a "fair price" of petrol and diesel as it is a policy matter which involved "larger economic issues". The increase pushed the petrol price in Delhi to Rs 80.50 per litre.

Though AP and Rajasthan governments' decisions put a psychological pressure on KCR to take a similar decision on petroleum prices, the Telangana chief minister is unmoved in this direction, leading to criticism from the opposition.

Fuel prices in Delhi are the cheapest among all metros and most state capitals due to lower taxes.

President Sanjay Deshmukh told IANS that while petrol was almost touching the psychological barrier of Rs 90 per litre (at Rs 89.97), diesel prices stood at Rs 77.92 on Monday. 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. Petrol and diesel prices are going up, the state government will certainly come up with some measures like last time, Kesarkar said.

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.

"However, this will result in a revenue loss of States of around ₹ 12,000 crore (net of ₹34,627 crore loss and ₹22,700 crore gain from oil bonanza)", the report added.

The state that charges the maximum sales tax/VAT on diesel - 28.08 per cent - is Andhra Pradesh.

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 a year ago by Rs 2 a litre.



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