Naidu To Reduce VAT On Petrol, Diesel?..

Naidu To Reduce VAT On Petrol, Diesel?..

Petrol & Diesel prices in Delhi are Rs.80.38 per litre & Rs.72.51 per litre, respectively.

On Tuesday, former Finance Minister P Chidambaram had stated that the "Relentless rise in prices of petrol and diesel is not inevitable". 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.

Consumers of petrol and diesel saw the steepest hike in prices on Friday after the price revision started on a daily basis from May 1 onwards. One factor, the high level of taxes on the retail price, is a fiscal choice.

Diesel prices in the three cities were also raised today to Rs 77.32, Rs 75.68 and Rs 76.98 per litre, respectively. Two of them, rising price of crude oil and depreciation in the value of the rupee against the United States dollar, are beyond the control of government.

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This is the biggest increase in rates in any fortnight since the daily price revision was introduced in mid-June a year ago. "Moreover tax structure is such that VAT on fuel rises with the rise in the price of fuel".

Andhra Pradesh Chief Minister Chandrababu Naidu announced a cut in state taxes on fuel.

"Since the Central Government is not responding on petrol prices, Naidu is doing exercise to give relief to public", TDP sources said.

If the reports coming from the power corridors of Amaravati, Telugu Desam Party president and Andhra Pradesh chief minister N Chandrababu Naidu is learnt to have made a decision to give relief to the citizens by reducing the Value Added Tax (VAT) on diesel and petrol in the State. Price of petrol rose by 3.78% since August 1, while diesel grew dearer by 6.47% in the same duration. Delhi charges a Value-Added Tax of 27% on petrol and 17.24% on diesel while Mumbai has a maximum Value-Added Tax of % on petrol.

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