States to get Rs 22,700 crore windfall from rupee plunge, crude spike

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On Monday, the petrol per litre in Andhra Pradesh were sold at Rs ₹ 85.60 and diesel at Rs 79.22 per litre.

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

Meanwhile, Maharashtra minister of state for home and finance Deepak Kesarkar said chief minister Devendra Fadnavis is looking at all possible options to reduce the rise in petrol and diesel prices.

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On Monday, petrol prices touched Rs 88.12/litre in Mumbai, while diesel cost Rs 77.32 per litre in Mumbai.

A day ahead of the Ganesh Chaturthi festival, petrol and diesel prices are now among the highest in Maharashtra across all states. Diesel is at Rs 78.14.

To this, the PIL alleged that "instead of passing the lower oil prices to ease the burden on consumers, Respondent as well as State Govt. increased taxes to meet their fiscal deficit commitments".

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However, Maharashtra Chief Minister Devendra Fadnavis on Sunday said that the state government was working on various proposals to give relief to the people from rising fuel prices.

On Monday, opposition parties, led by the Congress, called a nationwide strike against the constant rise of fuel prices and degradation of rupee against United States dollar.

Nearly half of the retail selling price of the two fuels is made up of central and state taxes. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where 6 per cent sales tax is charged on both the fuels. 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.

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This led to its excise collections from petro goods more than doubling in the last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. "Alternatively, a $1/barrel increase in oil prices translates, on average, to a Rs 1,513-crore revenue gain for all the major 19 states", it mentioned.

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