The report has come at a time when the Modi government is facing harsh criticism on the fuel price situation.
"A $1/barrel increase in oil prices, translates in a revenue of Rs 1,513 crore to all major (19) states", said the note authored by SBI's Group Chief Economic Adviser Soumya Kanti Ghosh.
In Mumbai, the price of petrol is Rs 88.26 while the price of diesel is Rs 77.47.
In Delhi, petrol costs Rs 80.87 and diesel Rs 72.97.
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It comes as no surprise that the price of petrol has crossed the Rs 90 mark in Parbhani in Maharashtra.
A Bench of Chief Justice Rajendra Menon and Justice V Kameswar Rao said they can not issue any direction to the Central Government to fix a "fair price" of petrol and diesel as it is a policy matter which involved "larger economic issues". Across all states, Maharashtra pays the most for petrol because of a high VAT of 39.12% in Mumbai, Thane and Navi Mumbai, while the tax rate for the rest of the state is 38.11%. "Maharashtra, Madhya Pradesh, Punjab, Tamil Nadu, Andhra Pradesh, Rajasthan and Karnataka have the privilege to cut petrol prices by at least ₹3 from their existing rates and ₹2.5 on diesel, " it said. It stated the largest gain would be in Maharashtra to the tune of Rs 33.89 billion followed by Gujarat at Rs 28.42 billion.
Telangana chief minister K Chandrasekhar Rao has dissolved the state assembly and is going for early elections in November/December, while his Andhra Pradesh counterpart N Chandrababu Naidu wants to continue in power till the completion of his full term.
Introducing the resolution to cut Value-Added Tax in the Andhra Pradesh Legislative Assembly, Mr Naidu said the price of petrol and diesel had reached its peak with the anti-people policies of the central government over the past four years.