Opposition parties have called for a nation-wide ‘Bharat Bandh’ on Monday to protest against soaring fuel prices. They claim the government is stubbornly refusing to cut the high excise duty, which is adding to the crushing burden on consumers.
Petrol and diesel prices scaled new all-time highs on Monday as the prices of the two fuels were jacked up by another 23 paise and 22 paise per litre, respectively. The petrol price in Delhi has now shot up to Rs 80.73 per litre while diesel, too, touched a high historic high of Rs 72.83 a litre as oil prices in the international market continue to rise and the rupee weakens. Petrol in Mumbai scaled to Rs 88.12, up 23 paise, while diesel was priced at Rs 77.32, up 23 paise, on Monday.
Opposition parties have called for a nation-wide ‘Bharat Bandh’ on Monday to protest against soaring fuel prices. They claim the government is stubbornly refusing to cut the high excise duty, which is adding to the crushing burden on consumers. The Centre currently levies a total excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre on diesel. VAT varies amongst states. Meanwhile, the Congress party’s protest March against the fuel price has started from Rajghat at 8am. Senior Congress leader Sonia Gandhi and former Prime Minister Manmohan Singh will likely join the protest. Read all the latest updates on BusinessToday.In’s live blog on fuel price hike.
12.18pm: Modiji said that what didn’t happen in 70 years, we will do in 4 years. Wherever he goes, he just goes to sow division: Congress President Rahul Gandhi.
10.32am: Former PM Manmohan Singh says the government has crossed every limit, and “we will soon get a chance to overthrow this government”. “Everybody is worried, including farmers and youngsters. The government has failed to fulfill all the promises it made to the people of the India. We ask all the stakeholders to unite against the government, and it is only possible if we forget our small issues and the government’s failures to the people.”
10.16am: The rupee slumped to a fresh record low of 72.18 by falling 45 paise against the US dollar on strong demand for the US currency from importers as the greenback strengthened against other currencies overseas on upbeat jobs data. The sinking value of rupee will have a major impact on oil prices.
10.05am: Rajasthan Chief Minister Vasundhara Raje announced a four-per cent reduction in value-added tax (VAT) on petrol and diesel on Sunday, which will reduce their prices by Rs 2.5 per litre in the state. The decision will cost the exchequer Rs 2,000 crore and will provide the people a relief of Rs 2.5 per litre on petrol and diesel.
10.04am: The relaxation given by the Rajasthan government is mere showoff, says Congress leader Abhishek Manu Singhvi.