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The Tamil Nadu Government has announced a reduction in petrol prices, which will come into effect on 14 August. The new budget, put forth by Finance Minister Palanivel Thiagarajan, includes a ₹3 cut in the price of petrol as directed by Chief Minister MK Stalin This is expected to lead to a revenue loss for the state's exchequer totaling 1,160 crore rupees.
The government has decided to reduce the effective rate of taxes on petrol by ₹3 per liter, thereby providing major relief for those working-class people who are struggling with this high cost. This measure will result in a loss of revenue that is estimated at Rs 1,160 crore annually, Thiagarajan said.
The Central government, as well as state governments, keep on levying different kinds of taxes on petrol and diesel. The auto industry is already facing a huge sales decline in the country. Many car companies have started reducing their production because of this reason. Therefore, it is high time for the government to consider waiving off taxes on petrol and diesel so that people can purchase fuel at affordable rates.
Every rise in the price of fuel will force the customers to change their vehicles. Also, the sales of bikes and cars will slow down. This will end up creating huge losses for many auto companies in India. It is not a good sign for an economy that relies so much on manufacturing industries such as auto, tyre, and MSME.
Anyway... What is the petrol price in your city today? Costlier than Bangalore? That's where I am from!
Get the latest petrol price in your city today and the recent changes in prices, petrol prices in metro cities, petrol vs diesel prices - click here, or as the fuel prices rise in our country, have you turned to alternative means of transportation such as bicycles, e-bicycles? or are you the walking type? Do let us know your thoughts in the comments box below.