Justifying hike in the taxes on fuel in the Union Budget 2019-20, Union minister Dharmendra Pradhan Saturday said there is requirement of funds for overall development of the country.
"There is requirement of funds for overall development of the country. As there is decline in the price of fuel in international market, Indian economy should take advantage of the situation," the Petroleum and Natural Gas minister told reporters while replying a question on increase of price of petrol and diesel.
Meanwhile, the price of both petrol and diesel has increased in Bhubaneswar Saturday, a day after Union Finance Minister Nirmala Sitharaman raised taxes on fuel.
While per litre petrol price in the state capital was Rs 69.41 Friday, it increased by Rs 2.53 to Rs 71.94 Saturday.
Similarly, the price of diesel has gone up by Rs 2.65 per litre to Rs 71.51. The price of diesel in Bhubaneswar Friday was Rs 68.86 per litre.
The Union finance minister Friday announced raise of excise duty and road and infrastructure cess on petrol and diesel by Rs 2 per litre each.
The diesel price in Odisha is the second costliest in the country after Telangana.
This is because Odisha levies the second highest VAT at the rate of 26 per cent on diesel while the rate of VAT in Telangana is 27 per cent.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app