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Even though the fuel prices are breaking past records by touching all-time high levels in various states of the country, Haryana Chief Minister Manohar Lal Khattar on Sunday said that the increase is "not too much" overall."Fuel prices increased by around 10 per cent to 15 per cent in the last 4 to 5 years. Overall, it is not too much but the government is keeping an eye on it," Khattar told media here.He asserted that revenue collected by the government will reach people eventually."Whatever revenue is collected by the government, it is used for people. The value-added tax (VAT) in Haryana is comparatively lower than other states," Khattar said.A VAT is a type of indirect tax levied on a product whenever a value is added at each stage of the supply chain, from production to the point of sale. Rates differ from state to state depending on VAT.Earlier in the day, Union Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan termed "less fuel production by manufacturing countries to gain more profit" as one of the reasons behind the price hike."There are two main reasons behind the fuel price rise. The international market has reduced fuel production and manufacturing countries are producing less fuel to gain more profit. This is making the consumer countries suffer," Pradhan told in New Delhi.Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will together have to work out a mechsm to bring retail rates to reasonable levels.The prices of petrol and diesel are increasing continuously for more than 10 days and in some states, the price of petrol has even crossed Rs 100 in some states. Opposition parties also held protests in different parts of the country over the rise of prices of diesel and petrol.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Union petroleum and natural gas and steel, Latest News

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