Oil cos, govt must minimise profit and excise duty: Tamil Nadu Chamber of Commerce and Industry
Strongly opposing the price hike of petrol and diesel that are now at a record high price of more than Rs 100 a litre, Tamil Nadu Chamber of Commerce and Industry has asked the oil companies to minimise their profit margin on the fuels. They also urged the Centre and the state government to reduce excise duty on petroleum products.
The prices touched Rs 100.24 a litre for diesel and Rs 104.22 a litre for petrol on Thursday. By crossing Rs 100 a litre in most parts of the state, the price of diesel is at an all-time high. The prices have to be reduced drastically so that the general public, trade and industry can return to normalcy, chamber president N Jegatheesan said.
The chamber president noted that the prices of petrol had been hiked by Rs 4.64 per litre and diesel by Rs 6.33 per litre from September 21, 2021. The cost of one litre petrol includes Rs 40.72 central excise duty and Rs 18.39 state VAT. A litre of diesel’s cost includes Rs 35.69 central excise duty and Rs 19.42 state VAT.
