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AP Hikes Petrol & Diesel Prices by Rs 1.24 & Rs 1 respectively, on account of COVID19

AP Hikes Petrol & Diesel Prices by Rs 1.24 & Rs 1 respectively, on account of COVID19
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AP Hikes Petrol & Diesel Prices by Rs 1.24 & Rs 1 respectively, on account of COVID19

Highlights

The AP government has increased the value added tax (VAT) on petrol and diesel prices, as it's own revenues fell short and dried up the finances due to coronavirus, on Monday

Amaravati: The AP government has increased the value added tax (VAT) on petrol and diesel prices, as it's own revenues fell short and dried up the finances due to coronavirus, on Monday.

The government increased at least Rs 1. 24 per litre on petrol and about Rs 1 on diesel per litre.

Rajat Bhargava, Special Chief Secretary, Revenue, issued a GO MS No. 204 on Monday with this effect.

He explained that the States Own Resources (SOR) have totally dried up because of reduction in State revenues on account of lockdown. In the month of April, 2020 State's own Revenues realized was only 1,323 Cr. against 4,480 Cr in April, 2019 which is 29.5% of the total expected revenue. Similar trends were also observed for May & June, 2020.

Several states are facing similar situation and to offset the loss of revenue, they have made upward revision of taxes on petrol and diesel in the months of April and May, 2020 pushing up their prices, he quoted.

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