Petrol and diesel prices have been rising almost every day and are now at an all-time high.
Similarly, petrol is being sold for ₹83.54 per litre in Chennai and the diesel retail price is ₹76.64 per litre.
Amid the Opposition-sponsored nation-wide shutdown, the Bharatiya Janata Party (BJP) on Monday released a couple of graphics describing the percentage hike in both petrol and diesel prices.
Offices were opened on time and official work was not affected at the Delhi Secretariat due to Bharat Bandh, an official said.
The central government collected Rs 2,88,442 crore from indirect taxes on crude oil and other oil products in FY18.
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Finance Minister Arun Jaitley remained evasive on the issue of cutting down excise duty to cushion the spiralling petrol and diesel prices, adding that worldwide oil prices are volatile and have not shown any linear movement. Petroleum minister Dharmendra Pradhan is understood to have met BJP chief Amit Shah on the situation.
Led by Congress, the parties have demanded that fuel prices be brought under the ambit of Goods and Services Tax (GST), which will bring down prices by Rs 15 to Rs 18. Rao said the bandh will also mirror people's anger and hardship against Narendra Modi government's policies. 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 past year by Rs 2 a litre.
A one rupee per litre cut in taxes would result in revenues being hit by Rs 30,000 crore on an annualised basis.
As Andhra Pradesh joined Rajasthan in reducing VAT on petrol and diesel, the Centre on Monday seemed to be holding out against a cut in taxes amid rising pressure, with officials indicating that the government did not want its welfare schemes to suffer for want of revenue.
The cascading effect that this hike has is considered strong enough to fuel an overall price hike and destabilise the economy. "Earlier when rupee value used to cross 60, then Prime Minister Modi used to say that rupee is in ICU".