"Midway change in price of fuel derails the economics of transporters", said Mukesh Dave, executive president of Akhil Gujarat Truck Transport Association.
Chandrababu Naidu said that orders for bringing into effect the new rates of petrol and diesel would be issued on Monday and will be effectual from Tuesday morning.
Mumbai: As the prices of petrol and diesel are on a constant rise, Shiv Sena protested against the fuel price hike in Mumbai.
Andhra Pradesh has the third highest percentage of Value-Added Tax on petrol at 35.77% after Maharashtra and Madhya Pradesh and the highest on diesel at 28.08%. In a span of one week, prices of petrol and diesel have gone up by Rs 1.65 a litre and Rs 1.92 a litre, respectively.
So for a one-litre petrol in Mumbai at Rs 88.3 per litre, nearly 50 percent are the taxes paid to the central and the state government together.
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"The way the prices are increasing with each passing day, it seems that it would cross Rs. 100 per litre. The state will lose revenue of Rs 1,120 crores due to this reduction in price and in spite of the financial difficulties the state is in, we are willing to bear it", Naidu said.
On the other hand, the central government earned Rs 2.84 lakh crore by levying taxes on petroleum products. 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 previous year by Rs 2 a litre.
Chief minister of the state, Vasundhara Raje, announced a four percent reduction on Sunday, which will reduce prices by Rs 2.5 per litre in the state.
"Since the central government is not responding on (reducing the) petrol prices, Naidu is doing the exercise to give relief to the public", sources in the TDP said.