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June 06, 2008, Mumbai: India Petrol and diesel price will be reduced by about Re 1 per litre and Rupee 0.50, respectively, if states agree to forego incremental sales tax revenues they stand to earn on this week’s fuel price hike.States like Andhra Pradesh, Kerala, Karnataka, Punjab and Uttar Pradesh stand to gain over a rupee in sales tax on every litre of petrol sold and over Rs 0.50 on diesel after this week’s Rs 5 and Rs 3 hike in the two auto fuel prices.
Petroleum Minister Murli Deroa on Thursday wrote to chief ministers of 30 states and union territories asking them to “at least forego the incremental tax” revenues so as to ease the burden of spike in international oil prices on common consumers.
