Dharmendra Pradhan justifies hike in taxes on fuel

BHUBANESWAR: Justifying hike in the taxes on fuel in the Union Budget 2019-20, Union minister Dharmendra Pradhan on Saturday said there is requirement of funds for overall development of the country.nn”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.nnMeanwhile, the price of both petrol and diesel has increased in Bhubaneswar Saturday, a day after Union Finance Minister Nirmala Sitharaman raised taxes on fuel.nnWhile per litre petrol price in the state capital was Rs 69.41 Friday, it increased by Rs 2.53 to Rs 71.94 Saturday.nnSimilarly, 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.nnThe Union finance minister Friday announced raise of excise duty and road and infrastructure cess on petrol and diesel by Rs 2 per litre each.nnThe diesel price in Odisha is the second costliest in the country after Telangana.nnThis 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.nnSource: Press Trust of India