A sigh of relief for the people of Tamil Nadu from inflated fuel prices assured Finance Minister P Thiaga Rajan. He has announced an excise duty cut on Petrol by ascertaining that the price of petrol will go down by Rs 3 once the duty cut is executed. However, on August 12, the order also read that this cut will allow a loss of Rs 1,160 per year to the state.
“This Government has decided to reduce the effective rate of tax on petrol by Rs 3 per litre and thereby provide major relief to the toiling working-class people in the State. This measure will result in a loss of revenue of Rs.1,160 crore a year,” the FM asserted.
The fuel prices reached the upper limits breaking all records since May. From May 3, the petrol price contiguously experienced an enormous Rs 100 per litre in big states including the metropolitan ones: Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Odisha, Kerala, Bihar, Punjab and some cities of Haryana and Uttar Pradesh.
In Chennai, one litre of petrol starts from Rs 102.49, whereas diesel is available at Rs 94.39 per litre in Tamil Nadu’s capital city.
Since April 2020, petrol prices have significantly seen a surge at rates of Rs 32.25 per litre against the Rs 69.59 per litre to Rs 101.84-litre rates in Delhi. Moreover, diesel prices during this phase have gone up at a whopping rate of Rs 27.58 per litre from Rs 62.29 to Rs 89.87 a litre in the national capital, Delhi.
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TOPICS: Diesel excise duty Petrol